When you are trying to sell your house, you need a fair value of your home for a successful deal. The assessed value of a home is just an estimation of your home’s current value in monetary terms. While the idea of finding the current value of your home may seem like a process with extensive research and surveys, it is most likely already available in your records. The fair assessed value of your home is prepared annually by your municipal property assessor and is used in tax collection each year.
You can also determine the value of your home by yourself through certain techniques. If you wish to avoid the hassle and the problems associated with setting an unreasonable cost, you can sell directly to cash home buyers, like Four 19 Properties. They keep an eye on market values and make cash offers to houses within 24 hours. If you want to proceed the traditional way, here are a few ways to find the value of your property:
- Use Online Tools
- Conduct a Comparative Market Analysis
- Use a House Price Index Calculator
- Hire a Professional Appraiser
- Evaluate Comparable Properties
Homeowners can quickly determine the value of their property with just a few clicks through online estimator tools which cater to their locality or state. These digital tools like U.S News, Zillow, or ForSaleByOwner.com use your address and compare it against data from comparable homes in your locality. You can set filters for your specific locations and answer questions about your home to help the software reach a fair estimate for your property.
Hiring a real estate agent can help you with the extensive comparative market analysis process. CMA helps find your property’s monetary value based on the ongoing market trends. This analysis is sometimes a prerequisite for home listing on some websites.
The house price index (HPI) calculator is an excellent tool that can collect necessary data from mortgage transactions of your house. It derives results based on the home’s purchase price and the evolving values of similar houses in your locality. The house price index calculator can also be used to calculate the appreciation on your property and can find the estimates of future changes in mortgage rates for it as well.
If you don’t want to work with estimates and want the most accurate figure, consider hiring a professional appraiser. A real estate appraiser works to find the precise value of the house for buyers, sellers, and even lenders. You can use the price they give you directly in your listing.
Finding similar properties in your town and evaluating their value against your home can help you estimate your home’s assessed value. You can use MLS listings in the United States to find value homes with similar features to yours. You will need to measure your square footage, outdoor space, installed facilities, and the number of rooms in your area during your research.
Finding the assessed value of your home can appear challenging as it requires a lot of research. However, finding the right value can help you immensely during the listing process and ensure you don’t over or underestimate your house’s value. To reach a fair value, you can compare properties and use the House Price Index or various online sites. Hiring a professional appraiser or a real estate agent can also help you find out your property’s realistic value. If you would rather not go through the hassle at all, cash home buying companies can take the task off your shoulders entirely.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.