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Do You Own Real Estate in Syracuse NY? Find Out What Your Home Is Worth
The most important step in selling your home in Syracuse NY is to make sure that your home is priced right. If you or your agent priced your home too high you will not receive the interest in your house that you may have expected. If you price your home too low, you may enjoy a quicker sale but you may also be leaving a lot of profit on the table. There are several variables that need to be understood when considering a price for your Syracuse home. These variables include:
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# of bedrooms
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# of bathrooms
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Age of your home
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Style of your home
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Square Footage
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Lot Size
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Condition of your home
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Current state of your local market
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How long it is taking similar homes to sell
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What these houses sold for vs what they were listed for
Also, what amenities your home consists of, such as:
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garage
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pool
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fireplace
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finished basement
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the level of upgrades
All of this information needs to be taken into consideration (along with others) in order to put an accurate price on your home. Pricing your home right will allow you to maximize your property, prevent your home from sitting on the market, prevent you from paying holding costs during this period (insurance, taxes, mortgage, utilities) and allow for a hassle free sale for you and your family.
Syracuse Real Estate | Tools To Evaluate Sales Price
In today's real estate market, we now have more tools and information available to us to better estimate the sale price of our home. With websites like Zillow, Trulia, realtor and move to we now have access to previous sale information, current sale information and can also separate these categories by our homes specific criteria. These tools are a good way to get a broad set of information to help us create a CMA (comparable market analysis) to get a more detailed look into what our Syracuse NY home will sell for. Below are some tools that will help us better evaluate the sale price of our home.
These tools can be very useful, however, I want you to understand that when using these real estate websites to predict the sale of your home, you need to do so with caution. For example, Zillow's estimate can be off anywhere from 5-20% of the homes actually full market sales price. These tools are available to give you an estimate of the value of your home. They will know give you a detailed look into the actual value of your home.
According to Zillow CEO Spencer Rascoff stated "Zestimates a good starting point but that nationwide Zestimates have a "median error rate" of about 8%."
Syracuse NY Real Estate | Comparable Market Analysis
As stated previously, the most accurate way to evaluate the sale price of your current home is to run a comparative market analysis. If you are going to list your home the traditional route, your real estate agent will create a CMA for you. This will give them a better idea of a price that they will be able to get for your home. We already spoke previously about the criteria you need to use in order to figure out the best price for your home. Now let's discuss what data you will be using to compare your property to comparable properties.
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Similar style homes that have sold in the past 3-6 months
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Should be within 1-2 mile radius of subject property (best if in same neighborhood)
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Similar square footage (+/- 250 square ft)
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Similar year built
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This is some of the main data that you will use to compare your subject property to other properties to better understand how you will fare against the competition. I have created an excel document that allows you to easily put together an accurate CMA in a couple minutes. If you would like access to this CMA for free, just fill out the form below and we will email the document over to you.