If you’re thinking about selling your home, the first step is determining your home’s value. While consumer sites include home values with their listings, the numbers aren’t always realistic. They use an algorithm that assumes a pattern in prices primarily based on the neighborhood and recent home sales. It fails to take into account important factors like market fluctuations, property condition, recent renovations, and more.
So how do you determine your home’s value?
Here are three ways to help you figure out your home’s value:
1. Review recently sold homes, or comps, in your area.
By looking at the comps, you’ll get an idea of how nearby homes are selling. Be sure to search for homes with similar square footage and amenities. Looking at home that are much bigger or have different features than your own may lead you in the wrong direction. You can also take a look at recent listings, but remember that the houses may not sell for that price.
Check out the condition of the homes too. A house may have been built at the same time as your home, but if it’s had various upgrades, the value will be much different. Your search may even inspire you to do your own renovations! Take a look at this blog post for the best rooms to renovate.
As you compile this information, you want to note the sold price, listed price, and days on the market. Not only will this help you determine your home’s value, but it’ll also give you an idea of pricing strategies used in your community.
2. Get an appraisal.
A home appraisal is one of the best ways to determine your home’s value. The appraiser will consider a number of factors that impact your home’s worth, including size, location, interior and exterior condition, unique features, and upgrades, including renovations and new appliances. Once you have their appraisal, you can decide if you want to sell your home as it is or complete a few projects to increase the value.
3. Work with a real estate agent!
By partnering with a professional in the real estate industry, you can be confident that you’ll receive an accurate home value. Agents find the best comps and then use a specific formula that gives values to each property feature, like a two-car garage, fenced-in backyard with a patio, or a pool. They can also help to coordinate an appraisal, as mentioned above.
Finally, they can provide you with a comparative market analysis (CMA), which gives an evaluation of your home’s value based on your similar, recently sold homes. From there, they use their expertise and understanding of the local market to determine your home’s value.
At the Urban Dog Group, we are well-versed in the housing markets in both the Orlando and Tampa areas.
We take great pride in our ability to help our selling clients get the best value for their homes. Reach out to us today to get started!
Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at caerealestate@gmail.com.
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