Doing a property valuation in southeast Idaho is one of the preliminary steps that any home seller should take prior to listing. These valuations can help you get an idea of what your property will sell for in the market. Understanding how instant property valuations are done on Idaho property is important, because the numbers you get are estimates. Idaho does not make creating estimates easy. Why? Because when a house is sold in Idaho, nobody is required to report the amount the house was sold for. In addition, many homes in Idaho have been in the same family for over 100 years, so there is not a lot of information on some properties.
Factors In Home Valuations
There are many factors that go into a home valuation. Most people know the basics. You need to know the square footage, how many bathrooms, how many bedrooms, and how many acres there are. In addition, some consideration has to be given to whether the home is in poor, fair, good, or excellent condition.
Other factors that influence the value of a home are assessed value, location, water rights, out buildings, stables, whether the home is in the city or county and so on. All of these "other factors" can sometimes have a big influence on price. For example, if you are trying to sell a 5,000 square foot home near a major highway with a potato processing facility less than 100 feet away, your home value is probably not going to be as high as the same house on rolling hills near the river. The point is that there are many factors that go into the true value of a property. We help people evaluate value.
Getting A Broad Estimate of Property Value
RexburgLiving.com utilizes a property valuation tool that takes many factors into account, but not all. Because there are many factors that are not quantifiable, we rely on the available data to give us a broad range and target price, but we ultimately depend on doing a true market comparison before setting a sell price.
Setting A Price
There are two philosophies on price setting. The first is to list a house for sale well beyond the comparative market value price and then progressively lower the price if home buyers do not respond with offers. The other method, which we believe is better for everyone involved is to do a very good market analysis and set the price at market. This does several things. First, it creates an environment where real estate agents and buyers want to come and see the property because it is priced right. Second, it attracts buyers early in the process, which means that there is a good possibility that, depending on the overall market, you may get several offers at once. Some of the offers may be above asking. We use both methods, but prefer to use the second.
Finally, setting the price right can have an effect on the long term prospect of selling in a timely manner. The longer a home sits on the market, the harder it becomes to sell. Doing it right the first time is important.
