Confused about how to price your home?

Jennifer Y. Ross
Published on May 8, 2019

Confused about how to price your home?

We recently received an email from a former client. He’s considering selling his home and, like many home sellers do, he went online to see if he could figure out how much the home is worth.

“Zillow
values my home at $325,000,” he writes. “Yet, one of my neighbors recently sold
his home, which is almost identical to mine, for $365,000.”

He went on to say that he is quite confused about the home-pricing process and wondered if we could help him out.

First, the
online real estate portals offer only “estimates” of a home’s value. They have
never seen your home or any other home for which they determine an estimate, so
they are rarely correct.

It’s all about market value

One thing Mark got right is that he
understands that the price he sets for the home should reflect its current
market value.

The only way to know what that is – what a willing buyer will pay to a willing seller for a home like his – is by figuring out what they’ve paid for similar homes in the recent past.

This means we need to look at sales
prices of similar homes. And, there’s more that goes into determining if a home
is comparable to yours than meets the eye. We look at the same criteria that
professional appraisers do.

  • The age of the home:
    Sold homes that are within three years (either side) of the age of your home.
  • The size of the home:
    Yes, we look at the sold homes’ square footage, but the number of bedrooms and
    bathrooms also plays a role in determining market value.
  • The home’s location:
    We try to find sold homes in close proximity to the subject property, but will
    consider a wider range, if necessary. The location within your particular neighborhood
    may also impact its market value.
  • Upgrades, amenities and condition: We’ll compare your home to the sold homes with an eye
    toward any upgrades performed, whether similar amenities are offered and, most
    important, how the condition of the homes compare.

Next, we’ll do the number crunching
to determine if your home is worth more or less than the sold homes.

WWTAS?

What will the appraiser
say? He or she, after all, has the final say in how much your home is worth in
today’s market. No lender is going to approve a loan for more than a property
is worth.

This is why we are so
thorough in our determination of the appropriate price for your home. An inaccurate
evaluation on your agent’s part can lead to a failed real estate transaction,
just when you thought it was a done deal.

The appraiser will visit
your home to perform an inspection. He or she may or may not take photos while
in the home. The appraiser will certainly consider the home’s landscaping, “location,
structure and even appliances,” according to the pros at LexurAppraisal.com.

The inspection
process can take “anywhere from 20 minutes to 3 hours depending on the size and
details of the property,” according to Rachel Guthrie at GoHomeside.com.

If
you hire an experienced listing agent, the suggested list price should match or
come very close to the appraised value of the home. This is why it is so
important to interview more than one agent for the job of selling your home.

Follow along on Social Media:

facebook.com/JenniferYRossRealtor

#FromNYCtoWestchesterLiving Facebook Group

instagram.com/TheWestchesterLivingTeam


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Introduction to Jennifer Y. Ross & The Westchester Living Team at COMPASS

Jennifer comes from Platinum Drive to Compass as an experienced agent. She epitomized Platinum Drive Realty’s motto “I grew up here. I live here. I sell homes here” and she is known for providing each of her clients with an exceptional experience guided by her expert local knowledge. She works tirelessly to ensure each of her clients has a professional, enjoyable and successful Westchester community & home buying search or selling experience. She often remains very friendly with her clients and welcomes the opportunity to be an ongoing resource as they settle into Westchester Living. Every step she takes will embody her core principals; integrity can never be compromised, clients’ interests always come first and character, commitment, and passion truly matter. For her buyer clients, Jennifer looks forward to the opportunity of being “Your NYC to Westchester” guide and real estate broker. For her seller clients, Jennifer is proficient at implementing an aggressive marketing strategy in order to obtain the best price possible in a highly efficient and seamless manner. Jennifer thoroughly enjoys assisting buyer clients in navigating the landscape of the Westchester residential real estate market. She is skilled at enabling clients to define where they see opportunity & facilitating the process from initial search through closing. Jennifer was awarded the Platinum Drive Star Award for Outstanding Performance in Sales & Client Services in 2014 & Platinum Drive Realty’s Superstar Award for Excellence in Sales and Client Services 2015 & 2016 for her outstanding performance in sales and client service. In addition to her passion for local real estate, Jennifer has a firsthand understanding of home renovation and new construction. Upon moving from NYC to Scarsdale, she and her husband performed an extensive renovation on their first home. After completion, they moved onto their second project in Larchmont, a full house renovation and expansion. More recently she is active with local developers who specialize in new home construction, home expansions and renovations. Jennifer has the ability to understand a home’s full potential and can help clients find or create their dream home. Jennifer was the Manager of Platinum Drive Realty’s Larchmont Office. Jennifer was raised in Scarsdale. After graduating from Scarsdale High School, Jennifer received a BA in Child Study & Sociology from Tufts University and an MA in Language & Literacy from New York University. Jennifer currently lives in Larchmont with her husband, Michael, and their three sons, Braden, Devon & Zane. She specializes in communities in Southern Westchester with a concentrated focus on the Sound Shore Communities of Larchmont, Mamaroneck, Rye Neck, Rye, New Rochelle as well as her hometown of Scarsdale. Prior to real estate, Jennifer was a teacher in the Mamaroneck Public Schools. Jennifer has a deep understanding of the local school systems and the needs of young families.

Professional Associations & Accreditation

Jennifer is a Licensed Associate Real Estate Broker & has her Accredited Buyer Representative designation (ABR) and her Seller Representative Specialist designation (SRS).  Jennifer is a member of the Hudson Gateway Association of Realtors & the National Association of Realtors. Jennifer’s

Website: westchesterliving.house

Jennifer Facebook Page:  facebook.com/JenniferYRossRealtor

Jennifer’s #FromNYCtoWestchesterLiving Facebook Group

Jennifer’s Instagram: instagram.com/TheWestchesterLivingTeam

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