Ready to sell? Now the tough part, understanding how to determine home values in Philadelphia. With so many websites like Zillow, Redfin, and Realtor along with a slew of others, how can you figure out what your home is worth in Philadelphia?
And let’s not forget all your friends and family who feel like they need to give you advice just like that is something you needed……lol.
Sellers often get caught up in memories that were created and attach an emotional value to the home. It can make the determination of the value an extremely difficult process and also result in the home being priced far out of range, as compared to other properties on the market.
With an understanding of how professionals value property, you can save yourself from falling into this trap. While it may be difficult because you love your home, real estate is a business and it all comes down to the numbers and home values in Philadelphia are always changing.
Remember, if you think your property is worth just like the “other property down the road” you need to make sure your property looks JUST LIKE the one that sold.
In Philadelphia, you can’t compare your property to any other property that is more than 0.25 miles away as Philadelphia is considered “block by block” just like any other major city.
What that means is your property may NOT be worth the same as the property across the street.
CMA
A comparative market analysis commonly known as a CMA helps professionals to determine home values in Philadelphia. This process is completed by the comparison of the most similar properties located nearest, with predetermined values for additional features, such as a 2-car garage compared to a one-car garage.
Additionally, if the other comparables surrounding the home have features that the property is lacking, these predetermined values would be deducted from the average selling price of the most likely properties. It would be wise no matter which style of listing you select to sell your home to have your own CMA performed.
You’ll be aware of the value of your home, based on the current actual market value. By doing so, you can avoid being shocked or insulted at what you may feel is an insultingly low offer from a buyer.
Don’t forget in Philadelphia the average cost to renovate or repair a home is roughly $24,000-42,000 depending on the job.
Holding Costs
Often homeowners who tried to sell their homes on their own find themselves Tangled in the web of internet marketing. After a great deal of time has passed, being unsuccessful, many often turn to a real estate agent in the hopes of quickening the sale.
Regrettably, whether you choose to sell your home on your own or List It with an agent, one thing is certain, there is no way to determine how long your home will be on the market as a listing.
Currently, in Philadelphia, the average time to sell your property is really 69 days if you list with an agent.
And there is still no assurance it will sell. What if the buyer whats to use a loan and the bank declines him?
Your back to square one again…..
This must be taken into consideration when you determine the value of your home. You may consider lowering your asking price to stand out among the competition, as buyers filter their online searches by home values in Philadelphia.
Commissions
When you set out to determine home values in Philadelphia, no matter which listing style you select, in addition to your marketing costs, should you select to work with an agent there will also be commissions.
The commission is based on a percentage of the sale price. As there are two sides in a real estate transaction, the typical commission is near 3% per side, so a home selling for $400,000, would deduct $24,000 from your profits alone, along with the traditional seller’s closing fees. It’s also possible that the closing agent and the real estate agent’s office could charge transaction fees.
Repair Costs
Being forewarned is being forearmed and never is this more true than when you’re selling your home. It would be wise to order an inspection of the property. If something is seriously wrong with the property structure, they may require you to fix it, or make other smaller repairs out of pocket before closing.
It’s wise to contact professionals for at least two estimates of repairs, if you’re planning to do them yourself, create a realistic budget. With reliable data in your hands regarding the project timeline and expenditures, you can make an informed decision.
You’ll have to determine if you want to go ahead and invest more in the home and make the repairs in order to reap a larger profit or sell the property “as-is,” deducting this expense from the asking price will give you a realistic current market value.
You’ll be able to determine if an offer is fair for your home compared to other home values in Philadelphia our professional buyers can walk you through each step of the process, we’re pros at determining home values in Philadelphia.
We can help you decide if selling to a professional buyer is the best choice for your property. Philly Home Investor typically closes in 30 days or less, and Philly Home Investor doesn’t take more away from your asking price, everything is figured into our offer.
We don’t charge commissions or transaction fees or require repairs, meaning no more waiting and thousands of dollars in overall savings! There are a lot of situations to think about when you’re ready to sell your house. The average savings is about $12,000 in Philadelphia by working with a local and trusted home buying company.
Please send us a message or give us a call today at (215) 422-3288 to discuss selling your house in Philadelphia, PA.
There is a reason we have nothing but 5 Star Google Reviews. Let us show you why we make the process of selling a home or property SIMPLE and EASY.
The Best Way To Sell Your House in PA Fast
Philly Home Investor is Google’s Top ranking Home Cash Buying team in Philadelphia with the highest number of Google reviews. We buy houses all over the Philadelphia region and surrounding counties including Bucks County, Chester County, Delaware County, Montgomery County, Berks County, parts of South Jersey, and Fort Myers, Florida.