When it’s time to sell your Somerville home, there can be some confusion when determining the value. If you REALLY want to know what it is worth, you can pay to have an appraisal done. An agent should be able to provide you with detailed CMA reports, letting you know what is going on in your neighborhood. Knowing the differences in these home values can set you set your ideal asking price!
- What is Market Value vs Assessed Value in Somerville
- Market Value by Definition:
- According to Fannie Mae, “Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”
- Basically, this is the amount you can expect to get if you keep your house on the market for a few months provided everything goes smoothly and you have potential buyers coming to see your home on a regular basis.
- Assessed Value by Definition:
- According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”
- Understanding assessed value can be a bit confusing. County property accessors give values to homes for tax purposes, however, these values are not reflective of changes in market value. The difference between the assessed value and the market value is known as the equalization rate. This rate is used by the county to figure your actual property value.
- Appraised Value:
- But wait, there’s more. Your appraised value can differ from both of these. An appraisal is done by a licensed professional who rigorously checks all aspects of the home. While they might be 100% correct, this is still the opinion of one. Whereas other methods are mathematically calculated based off of your home’s history and market conditions.
- What The Internet Has To Say About It:
- The large real estate sites have their own formulas for determining property values. These values are broad, and based on market conditions and information entered by users on the site directly. They do not always accurately reflect YOUR home personally. Think of it as Kelly Blue Book for cars. It is a close guess but determining what the ACTUAL market value can be much different. People report seeing these numbers off by $20k, $50k and even more!
- What it Means For You As A Seller:
- Do your homework! Make sure you have all the numbers listed above and understand terms such as the equalization ratio and fair market value. Make sure you are working with a true professional who can help you to accurately determine the market value of your home.
- Setting a great asking price is critical. You do not want to set it too high and have to repeatedly lower it to get buyers in the door. Your pricing history is public information, and repeatedly lowering your price can make buyers think there is something wrong with it. And for obvious reasons, you don’t want to set your asking price too low. To get the price you want you must exercise patience and make sure you are working with a true professional in Somerville.
When Is The Best Time to Sell Your Home in Somerville?
March 10, 2020
Ahhh… selling your home. When is the best time to reach the most prospective buyers in YOUR market? And when will it be the easiest on you? In our latest post, we will help you figure out when it’s the best time to sell your house!
The Best Time to Sell Your Home in Somerville
Is there a particular season that is better than the others?
They always say people are buying in the spring and summer. School is out, relocating becomes more tangible and the weather is conducive for going house hunting. Statistics show more people are buying when it’s warm, so you will likely have a larger pool of prospective buyers! Start with spring cleaning to prep your home, and get ready to list it in sometime between April and June!
Of course, if you are selling a home you own that is located in a warmer climate, such as Southern California or South Florida, cold weather isn’t as much of a concern. In fact, sometimes winter proves to be a better time to sell because all the snowbirds are in town. You will likely have people in the area from all over the country, and a great pool of prospective buyers checking out your house.
Are you ready to sell?
You need to first ask yourself if you are financially ready to sell. There are costs associated with selling your home such as repairs, clean-up and making it look nice. Do you need to move by a certain date? Or be able to get another mortgage for a new house? If so, this can add pressure which can stress you out and sometimes make you sell for less than you were planning on.
Are you and your family emotionally ready? If the move isn’t necessary, make sure it’s really the best time to go. Are your kids almost out of school? Are you certain you want to leave your friends, job, and community? Make sure you are making the right choice before making such an impactful decision for your family.
What the stats say:
Nationwide, homes listed between May 1 and May 15 sold around nine days faster and for nearly 1% more than the average listing, according to Zillow. (Your real estate agent may have different advice based on local market trends.)
As far as the day of the week, listing on a Saturday is favorable as that is when most people have the time to sit down and peruse listings. And since listings often appear with the newest ones first, getting yours at the top of the list will help you to get more views. Listing on a Friday is the 2nd best way to go statistically!
In some parts of the country, houses are selling 1-3% higher in the month of May. Do your homework and research annual housing trends for your particular neighborhood! If you have questions, Acre Realty Partners is happy to help you review historical trends!
Being Different Can Be Beneficial
While summer is preferred by many people, there is something to be said about not doing what everyone else is doing. Selling in the offseason can have its perks as well. Your pool of buyers might be smaller, but the pool of available homes will be as well. This is your chance to make your home stand out from the one across the street. Less competition on the market, might mean a bigger reward for you!