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Evaluating How Much Your Venice Home is Worth

Posted by Tracy Jones on Friday, March 26th, 2021 at 10:22am.

One of the most important factors for selling your Venice home is making sure you set the right price.

Part of setting the price of your property for sale is down to basic real estate evaluation - being able to properly estimate the value of your home. However, an equally important part has to do with strategy and an understanding of how the Venice real estate market works.

Determining what your Venice home is worth, and setting at the right price when it hits the market, is important for a number of reasons.

You may think that setting an optimistic price, above estimated market value, couldn’t hurt - especially if you have the time to wait for a motivated buyer. But, homes that sit on the market for too long tend to dissuade potential buyers.

On the other hand, if you set the price too low you’d obviously be leaving money behind, and failing to cash in on your most important investment. However, a lower-than-market price is not necessarily a bad thing, as it can drive interest and multiple bids, eventually resulting in a higher-selling price.

As such, finding the “sweet spot” requires careful planning and research, something that an experienced agent knowledgeable about your market can help with. But if you want to know more about this process and what it takes, then read on about how to evaluate your Venice Florida real estate.

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The real estate market in Southwest Florida is booming right now. With a historically low inventory of properties, we have qualified buyers waiting to buy a home just like yours.

Be Objective

First, you need to separate your home’s market value from its personal value. Sure there may be a million little details that you love about it, and it may have tremendous sentimental value, but very little of that will translate once your home hits the market.

Once again, an experienced agent can help you see through the clouds of emotion to calculate your home’s value accurately. Luckily, a lot of this comes down to some clear and measurable factors that are available to you to research, which is what we’ll cover next…

Broad Strokes - Establishing The Baseline

To establish a starting point for where your home’s value stands on the market, you should first look at the homes that have recently sold in your area. Try to only look at homes that have sold within the past three months, and within a 1 mile radius of your home, which is what an appraiser will generally use.

Of course, this radius won’t be perfect. Pay close attention to important boundaries and property lines. If a home within that 1 mile radius falls within a different school district, or a more prestigious neighborhood, then that could account for a radically different value than what would be appropriate for your home.

The above estimation should give you a rough idea of the value of your Venice home. Next, your individual property may vary from this baseline depending on some important criteria:

  • Square footage
  • Age
  • Number of bedrooms and bathrooms
  • Lot size
  • Location

Now you may think that we’ve already looked at location, but here you should focus on some more fine-grained details, like views, aspect, distance to amenities like schools and parks, and so on.

Again, a real estate agent experienced in the Venice real estate market will understand the market well, what sold in your neighborhood, for what price, and why.

Bringing it Home

Next, you’ll want to take into account some extras when evaluating your Venice home. Details like extra garage space, new fixtures or utilities, or anything that’s really built into the structure and layout of your home (i.e.: something difficult to simply “renovate” later) can enhance the value.

Also, consider some features that people are increasingly interested in, like hurricane safety, overall energy efficiency, and current styles and trends.

And finally, once you’re on the market, be prepared to bargain. And don’t lose your nerve should you get an immediate offer at asking price - you may think that you priced too low and want to raise it a bit, but this could be a mistake and a quick offer could indicate that you priced it just right.

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In sum, putting the right price on your Venice home for sale might be the most important action you take in both marketing and securing the right return on your investment. To make sure you get it right, contact an experienced local agent today.

If you're considering listing your home this year, we'd love to help you sell it! Please contact Gulf Shores Realty online or call 941.488.6644 to learn how we can help today!

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