Selling Your Home? Know Your Market

Selling

This is the third post in a five-part series about getting ready to sell your home.

I once read that our happiness is the difference between our expectations and reality. After over three decades of life, I’d have to agree with this statement. The more you know about the market and how that affects the value of your home, the closer your expectations will be in line with reality and in turn, the happier you will be with the process of selling your home.

The one thing every seller cares about most is price. What price will I get for my home? Am I right? So, you’ve checked out your home’s Zestimate on Zillow and you’re feeling pretty good about how much you can get for your home. Do you know how many other people felt this way too until their home sold for a completely different amount? Thousands! Even the owner of Zillow has bought and sold places that were far different from the homes’ Zestimate.

The problem with a quick Zestimate search is that Zillow just uses an algorithm. Like Santa, there is no way that someone from Zillow can visit every home, inspect every fireplace, see the updates made to the living room and compare that to the house down the street, and enjoy a fresh plate of cookies on their way up the chimney… I mean, out the door.

Having a realistic expectation about what your home might sell for requires talking to a local professional who has seen many of these homes and has experience with local buyers’ tendencies. Having your real estate agent create a Competitive Market Analysis (CMA) for you (which is not what determines how to price your home, we’ll get to that in part four) will help you see the competition, understand the trends in your neighborhood, and have a pretty grounded understanding of what you can expect to get for your home.

Most sellers I’ve worked with have started off with some anxiety about what they can get out of their home and how long it will take to sell. The more you can have a grounded understanding of what your home is worth and why, the more confident you will feel when it comes time to accept or reject an offer for your home.

If you live in the Boulder/Denver metro area and you’d like a free, no strings attached analysis of what your home is worth, feel free to reach out to me today. The closer we can get your expectations in line with reality, the happier you will be with the experience of selling your home.