What is the Market Value of my Home? The Right Figure Every Homeowner Should Know.
Are you thinking of putting your house up for sale, but have no idea what the current value is? Or maybe you still very much enjoy the ambiance of your home, and you’re not planning to let another person have it, but you just want to get acquainted with how high your real estate investment has risen. Regardless of the motive, it is essential to regularly update yourself with the estimated value of your home.
How to get Home Value Estimates Online
Using an online home value estimator is one of the free and easiest ways to find out the market value of your home. This simple method involves inputting your home address into any of the online home value estimators available and clicking search. The estimator makes use of the information such as the square footage of your home and the value of other homes recently sold in your area, to generate the market value of your home.
Although this method is very fast and easy to use, it is not 100% accurate. Whatever figures you attain from using an online estimator is usually not the exact value, rather it’s just an approximation. The real estimate could either be less or more. The best way to get the actual estimate is to employ the services of a professional Realtor, who can easily get their hands on a wide database of information, especially on prices of recent sales.
If you own a property in Shelby Twp Michigan, and you wish to know how much its current value is, then “Coverage Realty” can be very useful to you. We are the best at estimating an accurate figure on your home.
How Real Estate Experts Determine Home Value Estimates.
When it comes to providing an accurate answer to the question “how much is my home worth?”, you can always count on a Real estate agent’s expertise in that regard. Their method, however, stressful is very efficient. It involves undergoing a comparative market analysis. They go about looking for similar properties in your region that sold within the past 3months.
The more similar a building is to yours, in terms of the number of bathrooms, bedrooms and the square footage, the more the likelihood of your house being worth the same as that building. The size of the compound is also considered in comparing values (although this factor is more significant in rural areas). After your real estate agent must have found a few similar houses, then the average of their values will automatically give you a more accurate market value for your property.
Let’s assume you are listing your home for $800,000 and that of your neighbor is listed for $700,000. If both houses are very similar in all aspects, then you can be sure that prospective buyers will be more interested in purchasing that of your neighbor. Unless of course, you have something spectacular that makes your house outstanding and worth the extra expense.
What is my Home Value to a Buyer?
As a seller, when listing your property for sale online, it is necessary to consider how buyers search for homes to purchase. There certain things to take note of.
For instance, if you are listing your home for $607,000, it might be difficult for buyers to see it, talk less of purchasing. This is because most buyers use an increment of $20,000 or $25,000 while searching for homes on the internet. Therefore, it is advisable to place your figure at $600,000, so that people searching for properties in the $575,000 to $600,000 bracket, will get to see it very often. However, if that doesn’t satisfy you, then you might want to try bidding for an adjustment of that final number to your preference.
Tagging their products with odd dollar figures (prices ending with $0.95 or $0.99) may work for retailers and food suppliers, but not in making home sales. Avoid using figures like $399,000 instead of $4 million.
Why is it Essential to Know How Much Your House is Worth?
A wrong estimate of your home’s value can result in two outcomes. It’s either you underestimate how much your home is worth, and end up selling it at a giveaway price, which you will badly regret. Also, overestimating your home and listing it way higher than the actual average value will only chase prospective buyers away. There’s a need for you to completely avoid your property from staying too long without getting sold. Most properties that remain unsold for more than a month, end up degrading.
It’s advisable to seek the help of your real estate agent if you are in doubt of the right price to sell your home. Listing your house for the accurate market value will bring more prospective buyers your way.