Before coming up with a listing price, you need to grade the condition in which your home is in. What important updates/renovations have you made, if any? Has your home been well maintained over the years? How old is it? Are there any big ticket items (see our article) that need addressed? Real estate appraisers will rate the condition from C1-C6, so take a look at our guide below to see where your home falls.
Condition Rating 1
New Construction and has not been previously occupied. We'll skip this considering you are most likely not selling a brand new home.
Condition Rating 2
These homes are typically newer in age (5 years or less) OR recently completely renovated with little or no physical depreciation. These homes do NOT need any repairs and all building materials are all new or have been recently repaired, refinished, or refurbished. Improvements include modern and updated floor coverings, bathroom vanities/showers, counter tops, cabinets, and fixtures. NEW NEW NEW!
Condition Rating 3
Improvements to these homes have been well maintained with limited physical depreciation "due to normal wear and tear". Some, but not all, building materials may be updated. Improvements include floor coverings, bathroom vanities/showers, counter tops, cabinets, paint and fixtures.
Condition Rating 4
This is not uncommon for many homes in Northeast Ohio with long-term owners. Improvements and home features may have minor "wear and tear" and need a little TLC. These homes have been adequately maintained and require only minimal repairs to building materials, mechanical systems and cosmetics. Buyers love these types of homes since they are able to put their finishing touches/upgrades in themselves. Keep in mind a C3 graded home is worth more.
Condition Rating 5
These homes are what we call "distressed". They have obvious deferred maintenance and need major renovations and repairs. Building components are at the end or near the end of their physical life expectancy, but the homes are still useable and functional. See our article about big ticket repair items that could turn a C5 into a C6.
Condition Rating 6
A C6 rated home is unlivable from top/down due to substantial damage and/or deferred maintenance. Most major building components need repaired or rehabbed. Investors might be willing to buy this type of home depending on the scope of work and what you are willing to walk away with. You can typically spot these types of homes from the street as they look run down, neglected, and completely unsafe!
Now that you have your home's condition rating, we can use comparable sales to give you a better idea of what your home is worth.