Amarillo
What Is My Home REALLY Worth?
GET YOUR BROKER PRICE OPINION
We actually do the research!
What Is My Amarillo Home REALLY Worth?
We actually do the research!
When you're considering the sale of your home, it's critical to have CURRENT, ACCURATE, and RELEVANT information.
Fill out the form below and our team will get started!
What Is My Amarillo Home REALLY Worth?
We actually do the research!
When you're considering the sale of your home, it's critical to have CURRENT, ACCURATE, and RELEVANT information.
Fill out the form below and our team will get started!
Amarillo
What Is My Home REALLY Worth?
GET YOUR BROKER PRICE OPINION
We actually do the research!
WHAT IS A BROKER PRICE OPINION?
"How much is my home worth"? We are asked that question every day by people considering the sale of their home.
The reality is that there is no objective way to provide that answer. Why? Because the exact same house will be "worth" something completely different to every individual! For example, an investor who has never lived in a home, but simply applied some paint, will only see its worth in terms of dollars and cents. However, the elderly grandmother who spent 50 years living there...making memories, raising children, and entertaining friends...the home will be "worth" exponentially more to her.
The real question people want to know is, "If I decided to sell my home, how much could I get for it?" That's a question that a skilled real estate professional can answer with a Broker Price Opinion!
BPO: The Definition
Commonly referred to as a COMPARATIVE MARKET ANALYSIS (CMA), a Broker Price Opinion, is a report prepared by a real estate professional that gives pricing recommendations to a potential home seller.
It is important to note that a BPO/CMA is NOT an appraisal. As a matter of fact, the Texas Real Estate Commission requires real estate agents to print the following disclosure statement on all price opinions they produce:
“This represents an estimated sale price for this property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.”
How Are BPO/CMA's Prepared:
A true Broker Price Opinion begins by thoroughly researching a property, and then comparing it to the sales activity of homes that are most like it. Finally, economic factors are weighed in to give a seller with an accurate price that their home is likely to sell for. The seller can then adjust her asking price based on how fast she wants her home to sell.
BE CAUTIOUS of websites that claim to offer a valuation of your property instantly! It simply can't be done...accurately!
"Property value estimates" provided by large real estate websites are based on nation-wide algorithms and "proprietary formulas", not researched local market data. If you're needing REAL information that you can base major decisions on, you will always be better served by a LOCAL professional.
WHAT IS A BROKER PRICE OPINION?
"How much is my home worth"? We are asked that question every day by people considering the sale of their home.
The reality is that there is no objective way to provide that answer. Why? Because the exact same house will be "worth" something completely different to every individual! For example, an investor who has never lived in a home, but simply applied some paint, will only see its worth in terms of dollars and cents. However, the elderly grandmother who spent 50 years living there...making memories, raising children, and entertaining friends...the home will be "worth" exponentially more to her.
The real question people want to know is, "If I decided to sell my home, how much could I get for it?" That's a question that a skilled real estate professional can answer with a Broker Price Opinion!
BPO: The Definition
Commonly referred to as a COMPARATIVE MARKET ANALYSIS (CMA), a Broker Price Opinion, is a report prepared by a real estate professional that gives pricing recommendations to a potential home seller.
It is important to note that a BPO/CMA is NOT an appraisal. As a matter of fact, the Texas Real Estate Commission requires real estate agents to print the following disclosure statement on all price opinions they produce:
“This represents an estimated sale price for this property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.”
How Are BPO/CMA's Prepared:
A true Broker Price Opinion begins by thoroughly researching a property, and then comparing it to the sales activity of homes that are most like it. Finally, economic factors are weighed in to give a seller with an accurate price that their home is likely to sell for. The seller can then adjust her asking price based on how fast she wants her home to sell.
BE CAUTIOUS of websites that claim to offer a valuation of your property instantly! It simply can't be done...accurately!
"Property value estimates" provided by large real estate websites are based on nation-wide algorithms and "proprietary formulas", not researched local market data. If you're needing REAL information that you can base major decisions on, you will always be better served by a LOCAL professional.
5 FACTORS DETERMINE THE PRICE OF YOUR HOME
Determining the right price for your home can be a bit more complicated than just clicking a button. If you price your home too high, potential buyers will move on to another property. If you price it too low, you will leave money on the table! To get the numbers right, you must take into consideration the following 5 factors:
CONDITION
Sellers lose more money on the sale of their home because of condition than any other factor. Two homes that are the same size, age, and floor plan, can vary in price by tens of thousands of dollars if one has not been kept in good condition. Condition can make or break a real estate deal!
Questions to Consider:
Are all systems performing as they should (HVAC, plumbing, electrical, septic, etc)
How old is the roof? Does it leak?
Are there holes in walls, bare spots in the carpet?
Is there a strong pet or cigarette odor?
Is the home clean?!
CONDITION
Sellers lose more money on the sale of their home because of condition than any other factor. Two homes that are the same size, age, and floor plan, can vary in price by tens of thousands of dollars if one has not been kept in good condition. Condition can make or break a real estate deal!
Questions to Consider:
Are all systems performing as they should (HVAC, plumbing, electrical, septic, etc)
How old is the roof? Does it leak?
Are there holes in walls, bare spots in the carpet?
Is there a strong pet or cigarette odor?
Is the home clean?!
UPGRADES & UPDATES
Updates and upgrades are a big deal to potential buyers. If two homes are for sale in the same price range, buyers will most often choose the home that has been updated....even if it is a smaller home! If a new buyer foresees that he will have to do a lot of work after he moves in, he will expect to pay much less for the home.
Questions to Consider:
Does the kitchen have granite or formica countertops?
Do the bathrooms still have the 1960's pink tile?
Are the rooms painted a clean, neutral color...or are walls still covered with wallpaper?
Have mechanical components been updated? (hot water heater, AC, kitchen appliances)
Has the cast iron sewer line been replaced?
UPGRADES & UPDATES
Updates and upgrades are a big deal to potential buyers. If two homes are for sale in the same price range, buyers will most often choose the home that has been updated....even if it is a smaller home! If a new buyer foresees that he will have to do a lot of work after he moves in, he will expect to pay much less for the home.
Questions to Consider:
Does the kitchen have granite or formica countertops?
Do the bathrooms still have the 1960's pink tile?
Are the walls painted a clean, neutral color...or are they still covered with wallpaper?
Are there popcorn ceilings?
Have mechanical components been updated? (hot water heater, AC, kitchen appliances)
COMPARABLE SALES
After taking inventory of the home's condition and updates, you are now ready to look at comparable sales (comps).A mistake freshman agents often make is simply pulling homes of similar size (3 bed, 2 bath) and calculating a sales price based on those results. HOWEVER, it is impossible to decide if a house is truly comparable without having first taken into consideration the condition and updates of both homes!
Questions to Consider:
Are the houses used to determine my home's price truly similar in condition, upgrades, size and location?
Is my home in better or worse condition than the other houses on the market?
Does my home have any unusual features that might "scare off" a potential buyer?
Does my home have any unusual features that might set it apart and attract potential buyers?
COMPARABLE SALES
After taking inventory of the home's condition and updates, you are now ready to look at comparable sales (comps).A mistake freshman agents often make is simply pulling homes of similar size (3 bed, 2 bath) and calculating a sales price based on those results. HOWEVER, it is impossible to decide if a house is truly comparable without having first taken into consideration the condition and updates of both homes!
Questions to Consider:
Are the houses used to determine my home's price truly similar in condition, upgrades, size and location?
Is my home in better or worse condition than similar houses on the market?
Does my home have any unusual features that might "scare off" a potential buyer?
Does my home have any unusual features that might set it apart and attract potential buyers?
MARKET FACTORS
You must also make adjustments to your price opinion based on the current market data. The more favorable the economy, the more likely you are to get top dollar for your property. Additionally, local economic conditions such as corporate layoffs, natural disasters, etc, should be considered, as well.
Questions to Consider:
Are interest rates favorable or adverse for potential buyers?
How much equity do I have in the home?
Are we in a buyer's market or seller's market?
What is the economy doing?
MARKET FACTORS
You must also make adjustments to your price opinion based on the current market data. The more favorable the economy, the more likely you are to get top dollar for your property. Additionally, local economic conditions such as corporate layoffs, natural disasters, etc, should be considered, as well.
Questions to Consider:
Are interest rates favorable or adverse for potential buyers?
How much equity do I have in the home?
Are we in a buyer's market or a seller's market?
What is the economy doing?
SELLER'S MOTIVATION
Statistically, the higher the price of your home is (compared to the comps), the longer it will take to sell. Conversely, the lower your price is (compared to the comps), the quicker it will sell. In other words, if you need to sell your home immediately, you should expect a lower price for it. When finalizing and asking price, be sure and keep this in mind. It will save you a lot of frustration!
Questions to Consider:
Do I need my home to sell NOW, or do I have some time to let it sit on the market?
What's my highest priority? Time or sales price?
Have I considered the holding costs of letting my home sit on the market? (taxes, insurance, utilities, etc)
SELLER'S MOTIVATION
Statistically, the higher the price of your home is (compared to the comps), the longer it will take to sell. Conversely, the lower your price is (compared to the comps), the quicker it will sell. In other words, if you need to sell your home immediately, you should expect a lower price for it. When finalizing and asking price, be sure and keep this in mind. It will save you a lot of frustration!
Questions to Consider:
Do I need my home to sell immediately, or do I have some time to let it sit on the market?
What's my highest priority...time? or sales price?
Have I considered the holding costs of letting my home sit on the market? (taxes, insurance, utilities, etc)
WE DO REAL ESTATE A LITTLE DIFFERENT AT INROOTE
Not only are we experts in contracts, negotiations, and market trends, but we partner with a professional in-house marketing company to maximize the advertisement of your property. We have skills and tools that other agents simply don't have access to.
DAVID HOLMES | BROKER
If you're considering buying, selling, or investing in real estate, reach out...I'm always here to help, or just answer questions!
(806) 316-2923
50+ Five Star Google Reviews!
WE DO REAL ESTATE DIFFERENTLY
Not only are we experts in contracts, negotiations, and market trends, but we partner with a professional in-house marketing company to maximize the advertisement of your property. We have skills and tools that other agents simply don't have access to.
DAVID HOLMES | BROKER
If you're considering buying, selling, or investing in real estate, reach out...I'm always here to help, or just answer questions!
(806) 316-2923