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Can we increase the sale price of our home?

We bought our house in 2003 for $152k and today it's only worth $142k.  Is there anything we can do to sell it for more?  Should we wait another year to sell, or is there a chance it will be worth even less in another year?
  • April 11 2011 - Dallas
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Answers (7)

Where are these value figures coming from?  If it's a Zestimate, don't start worrying quite yet, because there's a good chance it might be incorrect.  Anyway, if you want to sell your home for more, simply increase the overall appeal of the house.  Buying is a very emotional process, so tidy things up, lay on some paint, and pay attention to the other minor aesthetic details that play into the consumer's decision to buy or not to buy.
  • April 25 2011
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You need to have the conversation with the agent.  Before I go on a listing appointment, I always look at the comps for the past 12 months.  This gives you a pretty good idea of the size, price and build out for that community.  Whats in the house will make a difference so have the agent go over specifics as well.
  • April 25 2011
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The agent that has your home listed is a great place to start with this question they should have access to trends and data on sales in your area, together you should be able to come to a conclusion, it may not be what you really are looking for but at least you'll feel like you have a handle on the questions.
  • April 24 2011
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Ask your local real esate agent to come by and do a market analysis for you.  They should also be able to show you how much the market has been declining in your area over the past couple of years.  We are still in a declining market in most area's.  You may get somewhat less next year.  I don't feel $10,000 is that much of a difference.  You may find that your home has amenities that will justify that amount.  Also, a buyer may desire yours and pay that extra amount due to where you are located.  Location can infact increase the value of your home.  Your home may back to a quiet area, park, etc.  There are so many factors that play into pricing a home.  It isn't always just what the other homes have sold for.  The only way you will know is to have a professional sit with you.  Good luck!
  • April 20 2011
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It depends on your local market and other factors, but no one can be sure where prices will be in another year. I think we will see lower to flat prices in a year but interest rates could go up. It's just an opinion though.

It also depends on your reason for selling and your plans after you sell.  If have a strong desire to move now, like relocation, need for a lower payment or need for a larger home, you may consider selling now.  If you are moving to a more expensive home, whatever you lose on this you will likely make up even more on the price of the higher prices home now rather than waiting for prices to go up.  If yours and the other home go up 10%, the higher priced home will go up more dollars.

There may be some improvements to your home that would increase the value more than the improvement.  Depending on the condition of the home, even some low cost repairs, cleaning and painting could inprove the current value.  Get several opinions from local realtors who can see your home and know values in the area.

Good luck.
  • April 11 2011
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Hi Tagni.  The property will sell for what the market will bear, which in your case sounds like closer to $142K.  There are many things you can do to make your home more desirable and appealing, but very few that you can do to increase it's value quickly to recover the costs in any sale.  I would be happy to talk with you and provide you with a market analysis for your home, no obligation and free of charge.  This could give you some idea of where property values in your area could be heading, and whether or not now is the time to cut your losses, or to stay and hold out for prices to rise.  While no one holds a crystal ball in their hands, there is solid data available to help you make an educated hypothesis of what the future may or may not hold for your property.  Call me anytime; I'm at your service. 
  • April 11 2011
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How did you figure out that it's worth 142K?  I hope you didn't go by the zestimate.

The way to evaluate the home is to have a Realtor do a market anaysis for you using comparable homes that have sold recently.

I'll be happy to do a complimentary one for you.  feel free to reach me through my profile if you wish.  Zillow's rules prohibit me from posting my contact information here.

Also, you really don't want to price your house higher than what it's worth for a couple of reasons.  It won't sell and it won't appraise.

Naima
  • April 11 2011
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