How to get what your home is worth As a homeowner, you should expect to make some money when selling your house. However, hitting the real estate jackpot upon resale may not be realistic. Beware of falling into the trap of over listing your house. Do your research, try to remain unbiased and rely on what you will get for the house, not what you could get for the house.

Over or under pricing your property are both unappealing situations. If you over price, buyers may be turned off or not secure in their negotiation skills and walk. If you under price, you're undermining yourself and any potential profit to be made. The best thing to do is seek out some professional help.

Appraisal of Real Estate

An appraisal by a licensed appraiser in the State of Michigan will be the best determining factor to decide your home's price tag. The appraiser will asses square footage of the home, square footage of the property, condition of property, and any positive or negative distinguishing features of the property. They are knowledgeable in analyzing and comparing home sales in the immediate market. Using all these tools, the appraiser will assign a value to the home. Appraisals can differ and if you are not satisfied with your initial appraisal, you may want to make some changes and have the home re-appraised.

Comparative Home Sales

Referred to as a “ comp ” in real estate jargon, this assessment of property value is based on current market conditions. The records are kept in real estate databases and are available to most agents. Comps use location, size, age, condition and features to determine value for the home. They determine the value by comparing your home to similar ones that have sold recently. The final selling price of the other homes is what your home's selling price will be based off.

Home Inspection

When preparing to sell your home getting a home inspection is highly recommended. The inspection is conducted by a licensed inspector and the results can help you make any minor changes to increase the value of your home. Later, down real estate road, your potential buyer will conduct their own inspection before closing. If their inspector finds any major flaws, it may cost you at closing. The inspector assesses over 400 items in your home and that report may save or make you thousands.

Do Your Own Research

Time to get out there! Drive through your neighborhood, or neighborhoods that are similar to yours. Pop into the open houses or call to find out the listing price. Weigh the features of that house against yours and ask yourself which one you would buy if they were priced the same. This should give you an idea of the options the average buyer has and give you the opportunity to adjust your price to reel them in.

Getting Ready to Sell Your Real Estate Property

Selecting a Real Estate Agent

Showing your House to Potential Buyers

The Real Estate Purchase Agreement or Contract

Preparing for the Real Estate Closing