"How much is my home worth?"
If you’re serious about selling, you can't rely on online calculators to estimate your home’s value. Your home’s value is influenced by recent sales activity, the competition it will face in attracting buyers, the home’s condition, and the marketing strategy it will use to build up demand.
Without a real assessment, your home could sell well under its potential value… leaving you with less equity to save or invest. The only way to get an accurate assessment of your home’s value is to have a licensed professional 1) evaluate the condition of your home, 2) analyze its potential against the competition, and 3) create a custom marketing plan to attract buyers.
Lu Gordon & Associates Method for Assessing Home Values
First we acquire local market info by previewing similar or competing homes on the market. These homes are what buyers are using to gauge what they are getting for their money. Home sales data only provides one dimension of potential value. Having knowledge of what’s on the market, what homes are going under contract for, what they are selling for is key to getting a real assessment.
The next step is to analyze your home in person. When Lu Gordon & Associates assesses your home’s value, we look at the Location, Architecture, Interior Structure, Outside Areas, and the Overall Condition of your home. These factors are weighed against the competing inventory buyers are previewing as they search for homes.
These factors are what buyers will both consciously and unconsciously consider when ranking and valuing what a home is worth to them. Remember, a home's true value, regardless of assessment, is the price an able buyer is willing to pay.
What Lu Gordon & Associates' Considers in Assessing Home Values
When it comes to your home’s value, we look at and assess:
- The location or neighborhood is more desirable than similar homes on the market.
- How schools, lifestyle features, and neighborhood affect demand.
- The architecture and exterior structure is consistent, superior or inferior to other homes in area.
- The era or genre (Modern, Victorian, Ranch, Cottage, etc.) add a premium based on current design trends.
- How the floor plan and room size proportions of the home compare to other homes on the market.
- How the Kitchen compares to others on the market (updated or outdated, floor plan, appliance packages).
- How the Master Suite compares to others on the market (size, first/second floor, updated or outdated, etc).
- How the Master Bath compares to others on the market (updated or outdated, shower and bath, flooring).
- How views, outdoor living areas, or recreational areas affect value (pools, ponds, patios, etc.).
- How the landscaping and hard-scaping compare to the market.
- Repairs or maintenance are needed to compete with other homes.
- Curb appeal projects are necessary to be consistent with others on the market.
- How the condition of the home is compared to similar homes on the market.
Once we’ve established your home’s value, we create a pricing strategy to attract the right offers. A common mistake is to price the home well above market value. A sure-tell sign a home is overpriced are few or no showings. Buyers are rejecting the price of the home.
Typically, an over priced home will sit on the market for a while and then the seller will drop the price. Once the market senses the weakness, you can expect low offers, with buyers not trusting the assessment of the home’s value.
When you price your home “in the market” you will generate a lot of interest. Buyers’ interest translates into demand, which can lead to lots of showings and, hopefully, multiple offers.
Marketing Plan for Your Home
When it comes to finding potential buyers for a home, there are critical steps that must be taken before you list it for sale… steps that determine whether or not your property will be discovered by buyers searching for homes.
Unfortunately, most agents upload poorly taken photos into the Multiple Listings Services (MLS) and hope the price sells the home. They don’t know whether your home can be found online.
As part of our Property Marketing Plan, we use a “go to market” sequence to make sure your property can be found online. These steps include using professional photos of your home, uploading video content on YouTube, posting information on social media, driving traffic to your home online using Facebook and Google Ads, and using the right home search sites. As a result, your homes is seen by the tens of thousands of people searching for homes.
At Lu Gordon & Associates, we use our advanced knowledge of SEO, PPC, and social media (all online marketing technologies), as well as an advertising budget to get your home found online to attract more buyers and potential offers.
Thinking of Selling?
Get a real assessment of your home’s value from Lu or Jonathan at Lu Gordon & Associates and start planning your move now. Just complete as much of the information as you can in the fields below and we'll start analyzing your home's value.