How Much Can I Sell My House For?
One of the biggest questions home sellers face is, “how much can I sell my house for?”
It may be a factor in the decision when you need to sell your house quick for many DFW homeowners. Or it may simply be a matter of how much they can plan on getting and have to work with in the case that they must sell anyway. So, how do you know how much that is?
The short answer is that a home is worth what someone is willing to pay for it. That is the true “market value” of any property.
To get a rough idea of how much this is if you need to sell your house quick, most professionals turn to what they call a CMA or Comparable Market Analysis. This is the same concept used by state-licensed appraisers and real estate agents.
Licensed appraisers are bound to specific laws and regulations when valuing homes for owners, buyers, and lenders, whereas real estate agents take a more artistic approach and limit their research to the MLS. The concept is relatively simple. If a home sells for $X today, then a completely 100 percent identical property next door ought to be able to sell for the same amount.
These rough values are found by comparing recent, neighboring home sales. Though in most cases, no two properties really are the same. They have different views, lot sizes, ages, décor, updates, special buyer and seller circumstances, and rarely are they selling at exactly the same time. These factors must be calculated in when a property is appraised or listed for sale.
For example; if your next door neighbor’s home sold for $100,000, and had one less bedroom than yours, then yours might be worth $10,000 more, or whatever the financial difference is for having an extra bedroom. Or if they recently added a new roof, and yours needs to be replaced, yours may be worth $5,000 to $25,000 less, depending on that cost.
There are other factors you should consider when looking for quick cash for houses which will impact value as well. Some of these are external. Like access to financing: If home loans are hard to come by, you will be greatly limited in who can buy your home, and how much they can pay for it. Larger trends like interest rates and home prices can matter, too.
If there is concern about home prices taking a downturn, then buyers may price that into their offers. They don’t want to buy and lose $30,000 or 50 percent of their investment in the next one to five years. Higher interest rates also mean fewer buyers can afford your home, or will have to negotiate a lower price than what they could have paid the year before. These are all things to keep in mind when timing your home sale, especially if you’re looking to sell your house quick.
Commissions and sales costs are another major factor to consider. You don’t want to just look at the top-line offer. There can be a big difference in what you’ll actually get. Some buyers may ask for repairs to be made or funded, or will want the seller to pay for their closing costs, as well. Texas home sellers also traditionally pay for both their own real estate agent and the buyer’s agent’s real estate commissions.
Obviously this can get quite time consuming and complicated. That makes one of the best ways to get started as being to simply reach out to a local buyer and get a fast cash for houses in Dallas offer, and see what they are willing to pay, and how much that may put in your pocket, versus going through the listing process with an agent.