Selling a property can be challenging, especially when it comes to setting the right price. Often, our expectations can differ from the reality of the real estate market. The sale price of a property is determined by supply and demand. Therefore, there is no point in asking for a very high price if there is no one willing to pay it.
How Can I Determine How Much My House Is Really Worth?
It is important to note that there is no established maximum price to sell a home unless it is an officially protected home (VPO) or limited-price home (VPP). In these cases, the sale price is regulated and cannot be exceeded unless the home is disqualified.
In the case of vacant homes, when considering the value of a home, it is essential to pay attention, as we said before, to the reality of the market and take into account some relevant aspects, such as:
Location
Location is a determining factor in the valuation. For this, you can call me at any time at Danijela Quenzler. That is why when setting a sale price; we cannot be carried away by the general market trends at a national level, when it is possible that the town in which our house is located presents a totally different scenario.
And forget the prices reached at the time of the real estate bubble. Only in some cities have prices recovered; in the rest of the locations, current prices are much lower.
It is necessary to do an analysis of the local market. Is it on the rise or has it stagnated? On real estate portals, you can find statistics on price evolution by location. Take a look and check the evolution of prices in your area, because, although they are indicative data, they can serve as a reference.
Neighborhood
The quality of the neighborhood also plays an important role. The more green areas it has, the greater accessibility, and the better services it offers, the higher the maximum price you can aim for.
Property Features
The age and state of conservation of the home, as well as the existence of common areas such as green areas, swimming pool or gym, and the availability of an elevator, can influence the final price.
General characteristics of the home
Other aspects to consider are whether the home has a terrace, garage, and storage room, its orientation, what floor it is on, and its energy efficiency. These features will also affect the sales price.
Investigate Real Estate Portals
An effective strategy is to explore real estate portals to get an idea of the prices of homes similar to yours. Examine and compare properties for sale, and draw your own conclusions. However, keep in mind that the prices you will find are sellers’ aspirational prices. Final sales prices are usually 10% to 20% lower than the prices at which they are offered.
In addition, many of these portals offer simulators that allow you to carry out an appraisal of your home. Using the cadastral reference or address, you can obtain an estimate of the market value of your house.
Use The Bank Simulators
Most banks have tools to carry out online valuations. Although the values they offer are automated, they can serve as a reference to set the sale price.
Request Appraisals From Real Estate Agencies
The most common option is to request an appraisal from different real estate agencies. Two types of agencies currently operate:
- Online real estate agencies: They offer free valuations without the need for a visit to the property. They calculate the average price based on home prices on portals and recent transactions.
- Physical real estate companies: They carry out free in-person appraisals. They usually have experience in the local market, and make their valuations based on factors such as location, layout, and home improvements. It is advisable to obtain several in-person appraisals to compare data and request a detailed valuation report.
You should be alert because some real estate agencies inflate valuations to ensure that you contract with them. That’s why if someone offers you a rating that is far from the rest, be wary, even if it is a temptation.
At Danijela Quenzler I offer a free assessment. Contact us and we will carry out an appraisal of your home, without any obligation.