Like the weather, all real estate is local. So to know the value of your home, you simply must consider these four key factors: location; size, age and condition of your property including renovations; housing market; and the economy and interest rates.
Your property’s physical value (functionality, style, and accommodation), however, decreases over time. Fortunately, your property’s worth is ultimately maximized by its location simply because there is a limited supply of livable land in the world and that alone can be a deciding factor on how much you can sell your house.
These are the two easiest steps you can take:
6. Ask at Least Three Real Estate Agents
It is highly advisable to consult your local real estate agents first before officially putting your home on the market, as they are aware of the most recent sales made in the area. However, real estate agents have varying views of how much your property can be worth, therefore, it’s only wise to speak to more than one. Be sure to get all the information, or better yet, ask if they can provide a comparative market analysis.
You can contact a few of the top realtors in your area and ask them what they think of the current market. In my experience, when I contacted various real estate agents in Beverly Hills, one of them being the famous Jade Mills, they were very informative. Jade was the nicest out of all of them and truly took the time to hear me out.
5. Pay an Appraiser
A state-licensed appraiser is the one that can play a very powerful role in the buying or selling arena although you probably won’t be interacting with him/her for more than an hour. They will help you determine the value of your property by conducting an inspection in each room, determine the exterior condition, evaluate amenities such as swimming pools, basements, built-in bars, health and safety code violations, and lastly, record the layout of the property. They may also evaluate the current real estate market in the neighborhood to get a better estimate of your home’s value.
Here are 4 ways you can do to assess the value of your home:
4. Look at Comparable
To find out how much your house is worth, try going to an open house in your area or find at least two to three homes for sale in your neighborhood that are just like yours. The basic criteria youshould look for are lot size, square footage, design style, the number of bedrooms and bathrooms, age, condition of the house, location and other special home features like built-in automation system, pool, wine cellar, etc.
If there are no on-going open houses or sales, try finding out the sales made in the same year of properties similar to yours and put it all in one file to easily compare the prices.
3. See What the Market Thinks
No one can guarantee a property’s value for sure so you must take your house estimated value with a grain of salt. One way to find out what the market thinks is to look at what kind of future properties are getting built around your area, i.e. condominiums, commercial buildings, restaurants, etc. This will give you and idea that investors are confident about your neighborhood.
2. Search Online for Online Value Estimators
There’s a slew of multiple listing service websites you can visit to calculate your house’s value and some of those are Realtor, Trulia, Zillow and other country government websites (you’d be surprised how specific government websites can be when providing information about your land’s history, price, and square footage). Begin your search for information by checking recent sales or other real estate data for your area.
You have to keep in mind that the value you’re getting is only an estimate and its value will still vary at some point since the real estate market is quickly changing trends as home sales slow down. This is why you should search for comparisons and keep checking on multiple other websites.
1. Contact Your Local Assessment Tax Office
One way of getting a ballpark figure of your property’s value is to contact your local tax assessment office and ask for recent sales made in your neighborhood or zip code. They can provide a list with all the details of sold property including the price, date of sale and other information.
There are a number of ways to obtain the listing price for your home. However, keep in mind that some people will not end up getting paid the listing price, instead, there will be people who will send you much lower offers. It gets tricky because you want to list your home at a reasonable price, but you also don’t want people to low-ball you. Thus, it is wise to seek out a professional.