Are you thinking of placing your home in Ann Arbor, Saline, Dexter or another local community on the market? If so, you’ve probably wondered what it’s worth and how much equity you might be able to get out of your home when you sell. Below we’ll share a few tips on how to establish the value of your home and why this is a key part of the sales process.

Professional Appraisal is the Best Starting Point

Determining the value of what is likely your most valuable possession is something that should be handled by a team of experts with experience in this field. The real estate market here in Ann Arbor can be a bit choppy at times, and the value of your home will fluctuate based on what the market is willing to bear. For example, the median sales price for a home in the city from April to July was about $240,000 – a figure that increased by nearly six percent over the previous three months of 2014. If you are unaware of the market’s trends and how they’re changing, you could leave a significant amount of money on the table.

Don’t Get Caught in the Asking vs. Selling Price Trap

A common mistake that homeowners make when trying to determine their home’s value is making assessments based on the listing prices of other homes for sale in the neighborhood. You can browse through our Ann Arbor real estate listings pages to find similar homes and to see what they are listed for, but be sure to take these figures with the proverbial grain of salt. A far better metric to use is the actual selling prices of recently completed sales in the area, which is a barometer of what buyers are willing to pay and how much is being given up during the negotiation process.

Avoid Overpricing and ‘Waiting It Out’

One of the worst possible tactics when selling a home is to overprice the listing with the idea that you can simply wait it out until a buyer who is willing to pay that price arrives. This rarely works for a number of reasons; if the Ann Arbor real estate market cools off or you can’t sell by the time winter arrives, you’ll be stuck having to discount your home. Even if the market heats up a bit and prices rise, you’ll just end up on the same playing field as other sellers in the local area. Determine a fair price for your home that reflects its true value and you’ll find that your sale happens much quicker.

Buyers Will Compromise, but There’s a Limit

To better understand how your home is viewed, try to place yourself in a buyer’s shoes as you tour through your home. Are there numerous upgrades that they might make, such as replacing older carpets or putting in new granite counters? Keep in mind that you’re competing with brand new construction for every buyer’s attention, and these individuals will only compromise so far in the negotiation process before calling it quits and moving on.

Are you ready to learn the true value of your home and property? Contact the professional real estate sales team at Keller Williams Ann Arbor Market Center today and we’ll be happy to share our expertise to ensure you price your home for a quick, efficient sale.