Determining how much your home is worth isn’t as easy as just looking at the list price of similar houses in your neighborhood. In fact, the list price of homes within your neighborhood won’t even be a factor when determining the value. Here are some of the ways you can go about trying to determine your home’s market value.
Start with Your Local Tax Assessment Office
Your local tax assessment office will have a record of the sales in the area. You can get a report of the sales by zip code or neighborhood to help you determine the value of your home. The report needs to include the date of sale, selling price, year built, home size and how many bedrooms and bathrooms.
This data can be used to find homes similar to your own and look at what they sold for. If you’re trying to determine the value of your home on your own, your tax assessment office needs to be one of your first calls.
Search Online for Recently Sold Properties
You can use real estate websites to find recently sold properties in your area. These properties can be used to help determine the value of your home, much like the home sales from your tax assessment office. However, it’s important to note, real estate websites are not always 100% accurate with the information you will find.
Determine Which Properties are Comparable
Once you have a list of the home sales in your area, it’s important to determine whether they are comparable to your home. You need to look at the size, style, age, location and even the lot size to determine which properties are similar enough to use to determine value.
It won’t be easy to find an exact match. Often when trying to figure out the value of a home, real estate agents and appraisers have to make adjustments based on the comparable property features versus the features of your home. Some differences may increase the value, while others may decrease the value.
Contact a Local Real Estate Agent
While the process of determining the value of your home can be rather in-depth and time consuming, contacting a local real estate agent is probably the fastest and easiest way to determine the market value of your home. A good agent will have easy access to recently sold properties and will know how to adjust for differences. If you want an accurate estimate of the value, simply call your local real estate agent.
There are a few different ways to determine the market value of a home. It’s not always easy to do on your own, but a good real estate agent can certainly help.
If you’re ready to figure out how much your home is worth, contact me for your personalized Comparative Market Analysis today. 704-650-5707 | AnnaGrangerHomes@gmail.com
