Three useful strategies to help you determine your home’s value.
Determining the value of your home is a common query for many homeowners, driven by various motivations such as curiosity, potential sale considerations, or financial planning. Understanding the worth of your property is crucial, and there are several methods to achieve an accurate estimate.
1. Research comparable sales (comps). One of the most reliable methods we use for determining your home’s worth is researching comparable sales, often called “comps.” This approach involves a detailed review of the market and identifying sales of similar properties to estimate your home’s value.
We look for properties that have sold recently, usually within the last six months, as those typically provide the most accurate reflection of the current market. We pay close attention to factors such as square footage, number of bedrooms and bathrooms, and overall condition to adjust the value of your home based on any significant differences. We then use those comparables and current market dynamics to provide you with an analysis tailored specifically to your home.
2. Get a professional appraisal. Formal appraisals can be useful for official purposes, such as loan applications or legal matters. You could hire an appraiser to do a detailed analysis of your property to determine the value. Appraisers consider various factors, including the property’s condition, recent improvements, and the overall real estate market. We would be happy to recommend some local appraisers should you prefer to go this route.
“Our team is committed to assisting you with all your home valuation needs.”
3. Utilize online valuation tools. We offer multiple tools on our website that can provide valuable information on your home. At any given time, you can generate a home valuation. It may not be the most accurate method as the value is assessed against others based on algorithms, but it is something that is fairly quick, simple, and easy.
For a great overview of what the real estate market is around your home, one of the best tools we offer is a market report. We can set this up for you for your specific neighborhood or using a radius search around your home. You can see in real time if inventories are up, down, stable, if the market is trending up or down. This is a great way to stay current on how those trends of the market may impact your home value.
We are always here to answer the questions that you have about your home, your value, and be a trusted resource for you whether you’re planning to sell, refinance, or simply want to stay informed.
