When it comes to buying or selling a home, one of the most critical factors to consider is its market value. Whether you are a homeowner looking to sell your property or a buyer searching for the perfect place to call home, understanding the current market values in Pittsburgh is essential. By having a clear understanding of home values, you can make informed decisions, set realistic expectations, and ensure a successful transaction.
So, whether you are looking to sell your home at the best possible price or find the perfect property to invest in, let’s dive into the process of determining home values in Pittsburgh and embark on your real estate journey with confidence.
Determining Home Values in Pittsburgh with a Comparative Market Analysis (CMA)
A Comparative Market Analysis (CMA), commonly referred to as a CMA, is a valuable tool used by professionals to determine the value of homes in the Pittsburgh. This process involves comparing similar properties in close proximity and considering predetermined values for additional features, such as a two-car garage versus a one-car garage. Furthermore, if the surrounding comparable properties possess features that are absent in the subject property, these predetermined values are subtracted from the average selling price of the most comparable properties.
Regardless of the chosen listing style to sell your home, it is advisable to obtain your own CMA. This analysis will provide you with a clear understanding of your home’s value based on the current market conditions. By doing so, you can avoid being taken aback or feeling insulted by what may seem like an unreasonably low offer from a potential buyer.
Holding Costs: Considerations for Selling a Home in Pittsburgh
Often homeowners who tried to sell their homes on their own find themselves Tangled in the web of internet marketing. After a great deal of time has passed, being unsuccessful, many often turn to a real estate agent in the hopes of quickening the sale. Regrettably, whether you choose to sell your home on your own or List It with an agent, one thing is certain, there is no way to determine how long your home will be on the market as a listing. This must be taken into consideration when you determine the value of your home. You may consider lowering your asking price to stand out among the competition, as buyers filter their online searches by home values in Pittsburgh.
Commissions in Pittsburgh Real Estate Transactions
When embarking on the process of determining home values in Pittsburgh, it is important to consider the associated costs, including commissions, if you choose to work with a real estate agent. Commissions are typically calculated as a percentage of the sale price and are an additional expense on top of your marketing costs.
In a real estate transaction, both the buyer and the seller have their own respective agents. The typical commission rate for each side is around 3%, resulting in a total commission of 6%. For example, if your home sells for $400,000, the commission would amount to $24,000 (6% of $400,000). It’s worth noting that the actual commission rate may vary depending on the specific agreement with your agent.
In addition to the commissions, there are also traditional seller’s closing fees to consider. These fees cover various expenses related to the closing process and can vary depending on the location and specific circumstances of the sale.
Repair Costs for Selling a Home in Pittsburgh
Being forewarned is being forearmed and never is this more true than when you’re selling your home. It would be wise to order an inspection of the property. If something is seriously wrong with the property structure, they may require you to fix it, or make other smaller repairs out of pocket before closing. It’s wise to contact professionals for at least two estimates of repairs, if you’re planning to do them yourself, create a realistic budget. With reliable data in your hands regarding the project timeline and expenditures, you can make an informed decision. You’ll have to determine if you want to go ahead and invest more in the home and make the repairs in order to reap a larger profit or sell the property “as-is,” deducting this expense from the asking price will give you a realistic current market value. You’ll be able to determine if an offer is fair for your home compared to other home values in Pittsburgh. Just be aware, buyers who purchase “as-is” properties generally expect to walk away with a great profit margin and make low ball offers, hoping desperate and unaware sellers jump at the chance.
Sell Your Pittsburgh House with Ease and Savings
Why not let us assist you in determining the value with no obligation? At Dustin Buys Houses our professional buyers can walk you through each step of the process, we’re pros at determining home values in Pittsburgh. We can help you decide if selling to a professional buyer is the best choice for your property. Dustin Buys Houses typically closes in 30 days or less, and Dustin Buys Houses doesn’t take more away from your asking price, everything is figured into our offer. we don’t charge commissions or transaction fees or require repairs, meaning no more waiting and thousands of dollars in overall savings! There are a lot of situations to think about when you’re ready to sell your house. Please send us a message or give us a call today at (412) 688-6311 to discuss selling your house in Pittsburgh, Pennsylvania.