Many people are hesitant to list their homes because they are not sure what their Myrtle Beach home is worth or what amount they could expect to obtain from the sale of their home. It would be nice to have a check list that you could check the value prior to calling a Myrtle Beach Real Estate Agency. If you overestimate the value of your home, you will not attract the potential buyers you are seeking and many Myrtle Beach Real Estate Agencies will not waste their time listing your home if they feel it is overvalued. On the other hand, underestimating the value of your home may bring you a buyer but you won’t have enough in the offer to cover your expenses at closing and still leave you with enough money to relocate.
6 Ways To Determine The Value Of Your Myrtle Beach Home
1. Give your property details online to a website such as MyrtleBeachMarketValues.com. Make sure that you list any special features of your Myrtle Beach home like a pool, hot tub or that it overlooks a lake, had a screened in sunroom, etc. This will give you a fairly good idea of where to start your ground work on determining the value of your Myrtle Beach home.
2. Contact your Myrtle Beach Real Estate Agency and ask for a listing of Myrtle Beach properties that have sold in your neighborhood in the last six months. They should be able to email you this information. You will want to start a spreadsheet and do some comparative analysis. In one column put the list price and in the next column add the transaction price of the Myrtle Beach home. Then calculate the difference. Believe it or not, some Myrtle Beach properties will sell for more than the listing price. This is primarily caused by a foreclosure and the mortgage company listed the Myrtle Beach home at a lower price to ensure that it would sell. This often starts a bidding process that drives the price of the home higher. If you see that houses in your area are selling for considerably less than the listing price this may indicate a lack of demand or interest in this sector of the housing marketing.
3. The next thing you will want to add to your spreadsheet is a column for the date listed and a column for the date sold of the Myrtle Beach home. By subtracting these two dates (yes you can use dates in a formula in a spreadsheet), you will determine the amount of time in days it took to sell the property. Be careful to use the original listing date and not the date of price adjustments. This will give you an idea of the interest in the property. It will also let you know how long you may need to wait to sell your Myrtle Beach home for the amount you would like to receive. Read our article on determining if now is the right time to sell.
4. You may want to utilize the services of a professional home appraiser which can provide you with this comparative analysis of the market and how your Myrtle Beach home compares to other properties recently sold. A good home appraiser will also point out areas where you can improve your home to make it easier to sell once you do put it on the market. Keep in mind that a Myrtle Beach home appraiser is not the same as a Myrtle Beach home inspector. They can’t tell you what needs to be fixed or repaired prior to listing your home.
5. Add your email address to a watch list that will tell you when a property in your area comes on the market. You can then add this property to your spreadsheet and track its progress. You may want to watch for open houses in your area and attend them to get ideas of what you might do to improve the appeal of your Myrtle Beach home to a potential buyer.
6. Utilize the services of a Myrtle Beach Sellers Agent. There is no better way to receive valuable insights into the correct pricing of your Myrtle Beach home. Find a Myrtle Beach Real Estate Agency that has experience in your neighborhood and has a good grasp of the market and can help you determine a selling price that will increase the probability of a sale.
By following these steps you will get a general sense of where Myrtle Beach home prices are headed in the short term. Make an appointment to meet with a Myrtle Beach Real Estate Agency and ask them about housing trends. Take the time to do your research before you decide to list your home. By estimating the value of your Myrtle Beach home you will be prepared to offer a fair selling price that can expect to bring potential buyers.
Call us today for a no-obligation analysis of your Myrtle Beach home. You will be glad you did!
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577