How does a Home Valuation Work?

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Are you planning on selling your Kirkland home for a good price? Maybe you haven’t bought a property yet but need to valuate available ones to flip later. Whichever the case may be, you need to have your home appraised. Every good investor knows that. Here is what you can do to ensure that you get the best price for it –

How does a Home Valuation Work

First Thing’s First

It doesn’t matter if you plan on flipping one of your Kirkland waterfront homes or a residential property in the city; a property won’t appraise well if it is run down and needs more than a few fixer uppers. Look for a property that doesn’t have such issues. Of course, you can’t afford to be picky all the time especially if you happen upon one that is located in a high class neighborhood and can flip well. Buy it if all you have to worry about is a leaky roof. The repairs are well worth the investment.

Determine the After Repaired Value

A property’s After Repaired Value, or ARV, is what it will be worth after it goes through upgrades or repairs. In other words, this will help you determine the price that buyers should pay for it. If you are evaluating a home that you want to buy, check its ARV value. Keep looking if the proposed price is too much for you to pay.

Look at Comparables

These will be properties that are priced similarly but did not sell well and are now off the market. The reason might be because they are too overpriced. If they are overpriced, your own property might be as well. Check out the prices of other similar available real estate in the neighborhood and compare prices. Chances are that they might be priced lower than what you are offering. After you lower the price, check out the current supply and demand for your property. This will help you determine how long properties such as yours often stay on the market before they are sold. If they take too long or come off the market often, it might be time to either lower your price further or wait for a seller’s market.

Remember, it pays to do your research when it comes to evaluating a property. It doesn’t matter whether you plan to buy it, live or flip it down the road. The proper research can help you get a good price for your home and more ROI.

So there you have it. It is always better to be safe rather than sorry when it comes to valuating your Kirkland Home. Keep current listings in mind when you compare prices. An ARV will help you piece the priorities that will help you decide your expected profit margin. Make sure that you also see to any repairs that might put a damper on the sales prices. These tips should help you even if you plan on valuating a home for purchase.

 

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