Home sales are on the rise, with homes selling for over 13% more in 2021 than they did in 2020. If you’re considering selling your home, you couldn’t pick a better time to do so.
That said, there’s a long list of things you have to do before your home hits the market. Among the most important of these items is to set a home listing price. Before you can do that, however, you have to learn how to determine the value of your home.
If you’re feeling overwhelmed by this task, you’ve come to the right place. Read on to learn how to check the value of your home.
Use Online Valuation Tools
Thanks to the internet, it’s never been easier to do, well, anything! You can answer virtually any question you might have with a few clicks of a button.
It only makes sense, then, that there would be countless home value estimators online that you can use to find your property value in a matter of minutes. All you have to do is plug in some information about your home, the tool will do all the hard work for you.
Ask Your Realtor
One of the many benefits of hiring a professional realtor to handle the sale of your home is that their knowledge and experience often make them an even more reliable source of information than online tools.
Your realtor will use a technique known as comparative market analysis to determine your home market value. These take factors such as size, location, style, home type, and the number of bedrooms and bathrooms into account, as well as data from the MLS database, making them highly dependable.
Hire an Appraiser
Another professional it’s wise to have on hand is an appraiser, especially if you’re selling a house in poor condition. During a home sale, an appraisal is only required of the buyer, but, as the seller, hiring one can remove any doubt of your home market price from your mind.
The appraise will take an unbiased tour of your home, then review similar homes in the area that are on the market or have recently sold. This can cost a few hundred dollars but will give you the full scope of your home’s value.
Research Comps in the Area
The same methods that a to use real estate agent would, except without the use of the MLS database, you can research your own comps. Visit your favorite home listing website and look at the sold homes rather than those for sale.
By narrowing down the search results to closely match your own home, you can see what similar homes in the area (or “comps”) have recently sold for. You won’t get an exact amount, but you’ll have a good idea of your property value.
How to Determine the Value of Your Home
We all view our homes as priceless, but having a realistic listing price is essential to selling your home quickly. Now that you know how to determine the value of your home, you can work with your realtor to set a price that will maximize your profits while preventing stagnation.
Keep in mind, however, that this is just one of many steps. If you’re interested in learning more about navigating the home selling process, we’ve got you covered. Take a look at our blog to learn about everything real estate!