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How do i find out how much my house can be sell?

How do i find out how much my house can be sell? How do i know that it is a good number for my house to sell?

Asked by Charlie | Huntington, WV| 02-05-2024| 803 views|Selling|Updated 2 years ago

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Zoltan PeresztegiReal Estate Agent2 months ago

Charlie, the strongest evidence of what your house will sell for is what buyers actually paid for similar houses near you in the last 90 days. Everything else is a weaker substitute, and it helps to know the exact order they fall in. Strongest: recent closed sales. Sold, recorded, verified. You want three to six of them, closed within the last three to six months, in your neighborhood or school area, within roughly 20 percent of your square footage, similar age and similar condition. That is what the term of art "comparative market analysis," or CMA, actually means when an agent does it properly. Second strongest, and the one almost nobody mentions: pending sales. The agreed price on a home under contract is not public record until the deed records, so automated valuation tools cannot see it, but a licensed agent can see it in the MLS. Pendings tell you where the market is right now rather than where it was three months ago. Third: active listings. These tell you about your competition, not your value. Any seller can ask any number. An unsold listing is an opinion, not evidence. Weakest: automated online estimates. Zillow publishes its own accuracy data, worth reading before you rely on one. The median error is roughly 2.4 percent for homes that are actively listed, but roughly 7.5 percent for off-market homes, which is what yours is right now. Median means half of all estimates are worse than that. And the error widens considerably in rural and low transaction volume markets, which describes a lot of West Virginia outside the Huntington core, because the model has fewer recent sales to learn from. On a $180,000 house, 7.5 percent is about $13,500 in either direction, and that is the middle of the range, not the bad end. An appraisal is the formal version: a licensed appraiser, a paid report, and the document a lender will actually rely on. If this is a divorce, an estate, a buyout or a refinance, pay for one. Now your real question: how do you tell whether the number you are given is any good. Ask for the adjustments, not the comp list. Anyone can print six sold homes; the work is in the math between them. - Which comparable sales did you consider and reject, and why? - What dollar amount did you add or subtract for the extra bathroom, the garage, the finished basement, the lot size, the updated kitchen? - What is the current list price to sale price ratio in my price range? - How many months of inventory are there at my price point? That is active listings divided by average monthly closed sales. The common rule of thumb is that under about four months favors sellers and above about six favors buyers. - If we do not have an offer in 21 days, what is the plan? An agent who answers those five in specifics has done the analysis. One who cannot has handed you a guess in a nice folder. One red flag: interview three agents, and if one comes in far above the other two with no adjustment math behind it, be careful. That is called buying the listing, and it usually ends in price cuts and a longer time on market. You asked this in February 2024 and it is being read in August 2026. Rates have moved since (Freddie Mac had the 30 year fixed at 6.69 percent in early August 2026), so comps older than six months are worth much less now. I am Zoltan Peresztegi and I work in Los Angeles and the South Bay of California, so I am not going to price a Huntington house from here. I am glad to connect you with a strong Cabell County area agent who will show you the adjustments, not just the printout. Zoltan

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Keith Jean PierreReal Estate Agent5 months ago

Charlie, speaking with a local agent will get you pointed in the right direction. Good luck! Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

Robert KiefferReal Estate Agent2 years ago
Rising Star11 Answers

Ask a local realtor to run a comparative market analysis. There should be a fair amount of comparable listings that you can make an educated decision based upon.

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