5 Ways to Discover Your True Home Value

According to Forbes, the price you ask for your home is the most essential factor in selling your house.

Do you want to sell your house? If so, have you determined an asking price yet?

One of the most valuable things you can do when selling a house is to determine the true home value of your property before you list it. When you do this, you will know how much to ask for the house.

If you’re uncertain about how to determine your home’s true value, here are five ways you can accomplish this goal before listing your home for sale.

1. Ask a Real Estate Agent for an Opinion on Your True Home Value

Listing your home for an accurate amount is vital for selling the property, and this is one of the most effective home selling tips you will ever hear. To do this, though, you must know the true value of your home.

One method you can use to find out your home’s true value is asking a real estate agent. Real estate agents work in this industry every day. They assist both buyers and sellers with real estate deals, and this experience helps them know prices.

Asking a real estate agent to give you the value of your home is a simple way to find out an approximate value. The agent you ask may give you a price range that will help you know roughly how much someone will pay for your house.

This step offers a good basis for you to start with as you prepare to sell your house.

2. Compare Your Home to Recently Sold Houses

You can also learn more about the true value of your home by doing some research on your own. The most effective research you can do to find this out is looking up comps.

A comp is a popular word in the real estate industry, and it refers to homes that are like yours. A home that is like your house is a home that you can compare to yours to determine the price.

The other essential factor you should understand about comps is that the homes you use as your comps should be homes that people recently sold. By choosing homes that people recently sold, you can gain a better idea of your home price right now.

You can find comps by looking up real estate listings. Most real estate databases keep homes in them even after they sell. You can compare the homes to your home and adjust the price as needed.

3. Hire an Appraiser

If you’re willing to spend some money to find out your home’s true value, you could hire an appraiser to tell you the value. With this method, you should plan on spending between $312 to $404, as this is the average cost span for an appraisal.

The downside to getting an appraisal is the money you must spend to get it. The benefit is that you will find out an accurate value of your home from an expert in the industry.

One thing to know about appraisals is that the appraisers who perform these services base the values of homes on comps. Therefore, an appraiser will determine the value of your house the same way you could if you used comps.

Appraisers use a variety of other techniques and information, too, so paying for an appraisal is still often worth the price.

4. Ask a Real Estate Agent for a Home Valuation Report

If you don’t want to spend money but want an accurate value of your home, ask a real estate agent to perform a home valuation report. Some agents call this a comparable market analysis (CMA), while others call it a home valuation report.

In either case, the report will base the value of your home on comps and other factors related to the current real estate market. If this is an option you are interested in, you can fill out this form to request a free home valuation report.

5. Use Online Tools and Websites

Finally, you could aim to find out the true value of your home by utilizing a variety of online tools and websites. These types of sites and tools allow you to find out a general value of your home based on the following factors:

• The age of the home
• The size of the house
• The number of bedrooms and bathrooms
• The location of the house
• The features it offers

When you use these tools, you should understand that you will not receive an amount that is unique for your home. It will be an overall value based on the information you provide, and it may not consider upgrades.

In other words, you might find out an approximate value through these tools, but you would not necessarily find out the true value of your house right now.

The purpose of finding out your true home value is to make sure you ask the right price for the property. If you ask too much, you’ll experience challenges finding a buyer. If you ask too little, you’ll lose money on the deal.

Why Talking to a Real Estate Expert Is the Best Place to Start

Are you ready to list your house and prepare for a quick sale? If so, find out your true home value before you put the house up for sale.

Finding this out will help you find a buyer sooner, and it will help you sell your house for the right price.

If you would like more information about home values and home-selling tips, contact us. We offer services for buyers and sellers, and we can help you find out how much your home is worth today and its true home value.

Are you looking for more help navigating the real estate market during these confusing times? Check out more informative articles here on our blog. For more information on Peoria real estate, Paradise Valley homes for sale, Phoenix real estate market and Glendale AZ property, contact my office at any time. 

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