Ways to Determine the Selling Price of Your Fire-Damaged House

Dealing with a fire can be an overwhelming experience. You can always choose to repair it, but the costs can be catastrophic on its own. So many homeowners usually prefer to sell their burned houses as is. You can read more about it in the article “Selling Tips for Fire Damaged Homes.” When it comes time to sell your home, understanding how to evaluate its value is crucial.

In today’s post, we’ll be walking you through ways to determine the selling price of your burned property. Additionally, we’ll provide insights into determining a common local price for similar properties in your area.

Find Out the House Sales Price in the Local Area

The first factor you’ll need to take into account when figuring out how much to charge for your fire-damaged house is how much similar houses are selling for in your neighborhood. You can accomplish this in a number of ways. Your home’s “comps” are the details the realtor often gathered about similar properties. There are a variety of resources available online that you may access and utilize, frequently for free, if you don’t want to work with a real estate agent. You may also take a drive through the neighborhood to look at comparable houses that are up for sale and to learn the asking pricing.

Regardless of what you choose to do, you should begin gathering this information a few weeks before you put your fire-damaged home on the market. Please bear in mind that experts advise you to place your home’s asking price within 10% of the region’s average sold price. Sadly, this will be different for homeowners whose homes have been damaged by fire.

Consult With Your Realtor

It will be time to sit down and discuss pricing with your agent once you have the data on recent house sales in the area. You will have to do this with your spouse or possibly by yourself if you are not utilizing an agency. Keep in mind that if you price your fire-damaged home too high, it may take much longer to sell. On the other hand, if you set the price too low, you will lose money. A competent real estate agent can provide a fair sales price for your house. However, don’t be afraid to disagree if your prior research leads you to believe that the recommendation is inadequate.

Check If There Is Structural Damage

Structural damage caused by a fire can seriously impact the selling price of your house. It’s essential to assess the extent of this damage before determining its value in the market. One key aspect to consider is how the fire has affected the overall structure and foundation of your home. When evaluating structural damage, look for visible signs such as cracks in walls or ceilings, warped beams, and weakened supports. These issues can often compromise the integrity of your property and may require extensive repairs or rebuilding.

Potential buyers will likely take these factors into account when considering purchasing a fire-damaged house. Keep in mind that severe structural damage could significantly reduce the selling price compared to similar properties without such issues.

Final Verdict

A general rule of thumb states that you shouldn’t use a price that ends in zero when selling anything, including a house. A figure with a zero at the end, in this way of thinking, motivates purchasers to haggle over the price. Therefore, pricing a home at, say, $259,000 rather than $260,000 would be preferable.

However, packing the number with 9s is not thought to be superior. Therefore, $259,000 would be preferable to $259,999. The latter kind of number is “often-putting,” in the opinion of many. Of course, there is a school of thought that contends that utilizing all zeros could be advantageous when selling your house online for sale, as with most theories.