My Houston House Is Worth What?
You’re thinking of listing your Houston house. The first question will probably be: how much is my Houston home worth?
If you are in the early stages of thinking about listing your house, you can look to recent sale prices of homes in your Houston area to gauge housing values.
Look at the Comps
“Comps” are the comparables, which are Houston houses similar to yours that have recently sold. If you can identify the comps in your area, you can come up with a ballpark asking price.
When looking for comps you will want to compare apples to apples and not oranges to watermelons. It’s also helpful if you can find comps that have sold in the last six months or less. Keep in mind the style of house as well and make sure it’s similar to yours.
Where to Look for Comps
You can find comps in your Houston area by looking online. A lot of websites that list properties for sale will also have a “Just Sold” section that can be a good place to start. This research can give you broad information about recent sales which you can use to help base your decision on.
While it is always a great idea to find comps in your area, sellers will want to keep in mind that your house might not sell for the same price.
The real estate market can change quickly and timing can be a huge factor in closing home prices. Factors like the economy and mortgage rates can all have an affect on sale prices.
What about Home Improvements?
If after looking at local comps, you feel like your Houston house does not quite stand up to what the market is offering, you might want to consider some home improvements before listing. If the project is bigger than a DIY, do a little research to make sure you’ll recoup the costs you are putting in.
For example, consider what all is involved with a bathroom remodel. It can cost up to $30,000 and on average you might get back about $45,000. But could a brand new bathroom make a buyer select your home or another? Sometimes it’s just a gamble.
Homeowners often believe that they will get back every penny they put in for improvements but that usually is not the way it works. Improvements make Houston homes more appealing but it doesn’t mean you will get every dollar back that you put in.
It is also important for Houston home sellers considering improvements to be sure to select finishes that will appeal to a wide range of people and not focus in on a specific taste. In other words, you don’t want to put money into your home just to have the new owner rip it all out and start over. Also, beware of making too many improvements. You don’t want your house to end up the most expensive in the neighborhood.
There are many factors that go into someone’s decision to buy a Houston house. To be successful, Houston home sellers want to try to make your home as appealing as possible without investing too much into a house you will be leaving behind. Be sure to research what the market is doing along with what upgrades will best provide a return on your money.