This page discusses the various ways you, as a homeowner, can understand and know your home’s market value.
It also discusses the benefits and drawbacks of each tool or system.
In doing so, I will show you how none of the online home value estimators available can give an accurate and reliable estimate of your home value.
What’s the Best Way to Find My Home’s Value?
Perhaps you are planning to move to a different state for career advancement and would need to know your home’s equity before you put up your Incline Village’s home for sale.
Like many homeowners, you are probably wondering what the current worth of your home is. So, how would you know?
One of the popular ways is by getting a free evaluation online.
The internet has many sites that offer free personalized estimate of your home. These sites are what you know as home value estimators.
Many real estate sites offer this type of service.
But I would like to share with you why I think these sites are not the best way to assess your home’s worth.
1. Accuracy: the online valuation tools are NOT accurate.
There is no denying that internet and computers are amazing inventions, but there are still some things they cannot do or produce accurately, and assessing your home’s value is one of them.
To come up with your home’s value, computers use data gathered from the public, and they also gather up what you tax collector has for the current properties that have sold in your neighborhood.
These sites admit that what they provide are estimates, mere starting points to determine a home’s value.
A popular real estate site also offers online home evaluations states the accuracy of their estimate depends highly on the availability of data and location.
It means the worth you get when you try using one of these online sites to appraise your home’s value may or may not be close to the real value.
2. They can’t see your house.
When you use an online home value evaluator, have you thought of the fact that they cannot see your house?
How can anyone, or anything for that matter, provide an accurate worth for something they have not even seen?
Although there are public documents that can be pulled up that provides data about your home, it still would not be enough.
Because they cannot see your house, they do not know the updates you have made in the kitchen area.
Because they cannot see your house, they are not aware that you’ve recently installed a deck.
There are so many things in your home that could be disregarded simply because it is a computer that appraised the home’s value, and it was done so without visiting your home for sale in Incline Village.
3. They don’t know what your improvements are.
Computers have no way of checking the recent upgrades you have done in the kitchen of your home for sale in Incline Village. Nor will it acknowledge the other upgrades you did in the master’s bathroom.
And because they do not have access to your home’s interior upgrades, the online home value evaluators will not reflect the improvements you have made, making it highly inaccurate.
These are the reasons why I think online home evaluators do not provide reliable home appraisals.
How Much Can I Sell My House For?
The most significant element in the sale of your home is pricing it correctly.
It is essential that you give it the right price, based on how much your home is worth and knowing how much you can sell it for.
You may have heard of homes that are relatively new, with excellent amenities and good curb appeal but do not sell. In such cases, those homes are likely overpriced, a big no-no is today’s competitive market.
To avoid that mistake, you need to know what the various factors are at play when selling your home.
And you need the advice of an expert real estate agent like me, Peg Augustus, for you to have the right information and guidance in pricing your home.
So what are the factors you should look into when considering the price of your homes?
Well, the first factor you would need to look at is the list of comparables in your neighborhood. These comparables are homes that are recently sold in your area that bear a resemblance to your home. It can give you an idea of the general price range of your home in the marketplace.
Market condition is another factor at play in pricing your home. The location of your home plus the market trend in that area can tell you whether you should price up or down. If you overprice your home in a place where price is declining, you may never sell your home.
Another way to determine the price of your home is through the comparative market analysis (CMA) from me. It contains a detailed market statistics, active and sold comparables, and may even include adjustments that your home offers.
Selling a home should be based on data, not on heartstrings.
And ask yourself these questions so you can come up with a reasonable price, one acceptable to you and fair to the buyer.
1. Have you upgraded your kitchen?
The kitchen is the heart of the home. Thus, many buyers want it to be as efficient as possible.
Upgrading the kitchen need not mean installing granite countertops and stainless steel appliances.
A newly painted kitchen and energy efficient appliances can have a significant effect in pricing your home.
2. Have you added or remodeled a bathroom?
Remodeling an outdated bathroom can have a weighty impact on your home’s price.
An additional bathroom does not have to be expensive, and what is more, you can recoup up to 80% of your expenses.
3. Have you remodeled your home?
You may think of renovating the home as a major work, but sometimes minor remodels that would work almost as effectively as the big ones.
Adding a kitchen island, replacing the garage door, opening up the living room by knocking out a wall, or improving your basement space are some examples of minor home remodels that can still affect the value of your home.
4. Have you improved your landscape?
Never underestimate the power of curb appeal.
Buyers love homes with a beautiful landscape, and since it is the first thing they see when they approach your home, it makes sense to improve it for it can determine whether a buyer would be interested or not.