Your Metro DC Home Value— What You Need to Know

As you think about selling your home in Washington DC, Bethesda, Chevy Chase, or the surrounding areas, one of the first questions to cross your mind is likely, “How much is my home worth?”

Your home value will play a major role in the success of your sale, but there are many aspects of finding this number that Metro DC homeowners simply do not understand.

The Estridge Group has included a few key ideas to consider as you research your home value and prepare to sell your home in the Washington DC area this year:

Listen to your real estate agent

Determining your home value is a task best left to the experts, so do not be afraid to consult your real estate agent. Your agent can run what’s called a “comparative market analysis” to find similar properties that have recently sold in your area. You will want to look at similar homes that have the same number of bedrooms and bathrooms, as well as square footage, to get a better idea of what buyers may be willing to pay for your property.

Keep an eye out in the neighborhood

Are your neighbors selling their home? Or do you see others listed in your neighborhood? Research how much these homes are going for and how you think yours stacks up. For instance, if your neighbor’s house is listed for $300,000, but you want to list yours for $400,000, it’s important that you’re able to explain why your home warrants the higher price.

Think of how buyers shop for homes

Many homebuyers in DC, Bethesda, Chevy Chase, and Northern Virginia set pricing parameters when searching for properties. For example, they may set up a search for homes in the $300,000 to $400,000 range. If your home is priced just outside at $405,000, you could risk being passed over entirely. Thus, it’s important to consider how buyers shop for properties as you determine your home value.

Put on your buyer hat

Homeowners in Metro DC can tend to feel their property is worth more than it is due to their memories and attachment to the home. Remember to put on your buyer hat and leave your emotions out of the mix when finding your value or you could be tempted to overprice.

Questions about how much your home might be worth? Give The Estridge Group a call today!