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Mistakes people make when valuing homes

On Behalf of | Sep 14, 2018 | Residential Real Estate |

Homeowners in California may be making critical mistakes as it relates to valuing their properties. For instance, some might rely on an algorithm to determine how much their homes are worth. This can be problematic because algorithms may not reflect changes in market conditions or other variables that can drastically alter a home’s true market value. As a general rule, real estate websites should be used to track trends in a given area.

Even if an appraiser estimates a home’s value, that is still just an estimate based on prior sales and other information. It’s just a subjective assessment that can’t be proven accurate unless the home is actually on the market. Homeowners may want to scrap the renovations that are planned for just before the home sells. This is because it might not yield a worthy return on investment or a positive return at all.

Individuals are also advised to choose a Realtor carefully. Instead of going with a family friend, it may be best to interview a potential candidate to determine what his or her track record is. Having a Realtor can be helpful in either buying or selling a home. It’s generally not a good idea to avoid hiring a Realtor simply to eliminate the commission payment.

In most cases, real estate agreements are complex in nature. Therefore, it may be a good idea to have help when it comes to buying or selling a property. A real estate agent could help determine the right price to list a home for. An attorney may be able to go over any offers that a seller receives after the house is put on the market to determine how good they are.