When it comes to selling a home during divorce, one of the biggest concerns is the value of your home. When a couple is separating, one of their top priorities will be setting themselves up for their future life, which can be supported by the sale of their house. Divorce real estate experts will be able to guide you through your house sale, and by considering these key areas listed below, you can begin to determine the true value of your home.
The Factors That Influence Your Home’s Value
There are certain factors that will influence the value of your home, so it’s important you understand how these key components will impact its price. We encourage anyone working with a divorce Realtor to have realistic expectations about their home’s value, so you can fully prepare yourself for your future. The size and age of your home are two of the most important factors that will impact the price. Following on from that, the location of your home and the current market conditions will influence the value. After the recent pandemic, certain areas have noticed a huge increase in the average house price, whereas others have been reduced dramatically.
When trying to estimate the value of your home, we encourage you to look at comparable homes that have recently been sold in your area. It’s important to take into account whether any renovations or repairs are needed on your home and if any work should be done to your property before putting it on the market. Finally, the current economic condition can have a huge impact on your home’s value, and this is something you’ll want to carefully research before selling.
Working with a Divorce Agent to Determine Your Home’s True Value
While you may want to carry out your preliminary research online with a free valuation tool, the next step is to work with a divorce Realtor to determine your home’s value. Many realtors today use a process called a Comparative Market Analysis to determine your property’s value. This focuses on information about homes that have recently been sold in your area, which are comparable to your property. They can share information with you about how long you can expect your home to be on the market and the difference between the asking price and the selling price of previous sales.
When working with a divorce Realtor, they’ll look at homes that were in a similar location to yours and have the same number of bedrooms and bathrooms. To find the value, they’ll also look at the style of your home and the type of property, such as a condo, townhome, or single-family home. When someone is buying a home, their bank will require them to get an appraisal for the loan approval. While you don’t need to get a professional appraisal yourself, many homeowners today are opting to use this as a way to determine their home’s value, and it’s something that a divorce attorney may suggest doing.
For more information about selling your home during divorce or to discuss the value of your home, don’t hesitate to contact our team at The Luxer Team today.