How To Estimate The Property Value Of Your Home

How To Estimate The Property Value Of Your Home

If you wish to sell a home quickly, it is of utmost importance to estimate it right. If you offer a competitive or average price, your chances to sell it fast grow enormously. Being aware of your home value you can also control your property taxes, insurance premiums or home refinancing. That is why it is great to learn several ways to estimate your property in a proper way and get all the possible advantages. And remember, if a company like Solid Start Property Inspections is asked to take a look at your home, they may value it at less than you expect due to its structural integrity. Ways to estimate home value There are many different approaches to estimating the market value of the property, but not all of them deserve your trust. In real estate market, professionals advise using three basic strategies of home evaluation including:

1. Comparing to recently sold property

Comparing to recently sold property

This is one of the most popular home estimation strategies used in the real estate industry. It is most often used by real estate agents and appraisers.

To understand how much your home can be estimated at it is necessary to compare it with the homes that have been recently sold. There are several features to consider when choosing a property for comparison:

  • Location (it must be neighborhood or one district);
  • External characteristics like curb appeal, size, condition, yard facilities etc.
  • Internal characteristics like a number of floors, rooms, construction quality, heating system type, appliance condition etc.
  • Age of the property;
  • Supply and demand (how many homes are on sale versus the number of potential buyers searching for property in this area).

As soon as you make all the necessary notes about your home, start looking for homes with similar characteristics. It goes without saying that you will not find the same or very similar home but you will probably find a couple of examples with a close date of building and size. That will help you to determine an average price and move it up and down depending on the characteristics. Superior ones can contribute to the higher cost, while worse conditions are a reason to lower the cost. Sale price is easier to adjust if to create a comparative table.

Another important question where you can find comparable sales. According to the Department of Taxation and Finance, NY state, there are several sources:

  • Local assessor’s offices;
  • Municipalities;
  • Online databases;
  • Local newspapers;
  • Real estate agents.

2. A real estate agent or appraiser’s home inspection

A real estate agent or appraiser’s home inspection

Your home can be estimated not only by you but also by professionals. For this purpose, you need to order property value estimation services provided by most of the real estate agencies and private appraisers. A specialist will come to your home and inspect all the details to make necessary notes. On the basis of this data, he will make a comparative analysis of the recently sold property (look at the point number 1) and offer you an average price.

3. Tools for home estimating

Tools for home estimating

One more popular modern approach to determining the property value is a use of special tools created for this purpose. Most of the work in a similar way. You need to enter a postcode and other essential information about the home, including its address, type, age, tenure, and the number of rooms.

If you wish to get a more precise result, you can also complete a questionnaire about other property features to make evaluation more accurate. There is always a national margin of error for home value as the results depend on the number of property on sale and their condition.

Online tools usually analyze data available to the public. These are usually public records and many listing services. The choice of data also influences the accuracy of results, so the choice of the tool is also important.

The most popular tools are Zillow, a pioneer in this sphere, RedFin, Pricing Scout tool from Forsalebyowner.com, Chase, Bank of America, Surefield and others.

Conclusion

Property value is a very important characteristic that must be known to every homeowner. Whether you are going to sell the property or moving, it is important to know how much this home is estimated at. You will learn a correct marketing price and understand if any improvements are required to increase its value. This knowledge is necessary for both buying and selling, investing or being interested in, so choose an appropriate home value estimation way and you will be always armed with important data.

Related entries

When it comes to 3D modeling, virtual staging, and architectural rendering, we know that you want the details of how it works and how it can benefit you and your business. These recommended articles will give you the inside track on everything we do, and we’re sure you’ll find them to be as entertaining as they are informative.

image

Floor Plan

3d Floor Plan Visualization: what is it?

Have you ever searched for a property for sale or rent? It goes without saying that most of the examples of listings online offer not only photos and description of the flat or house but also such an important image as a floor plan. Usually, this plan shows the size of each room in the property and may also include measurements of width and length of every room. Of course, if you are a professional in this sphere you can easily understand what kind of room it is and how this space can be beneficially used. However, the biggest part of people has no idea how all those figures look in the real world. In this case, it is possible to entrust a simple floor plan to the IT specialist who will create a detailed floor plan visualization.

Read article Read article
image

Floor Plan

Everything You Should Know About Floor Plans

People often see floor plans in different spheres, but not everyone knows how they are created and what types of them there are. This article focuses on all the essential points you should know about floor plans.

Read article Read article
image

Floor Plan

What is a 2D floor plan?

The definition of the term ‘2D floor plan’ says that this is a type of diagram that represents the property or space layout. This diagram shows the way walls and rooms are located in the property. Moreover, people can also see other stable installations there including Windows, doors, stairs, etc. The word ‘2D’ says about a flat drawing of the floorplan that does not have any depth or perspective. It is quite easy to create 2D floor plans if you are equipped with a good tool. These plans can be further used in real estate marketing, renovations, home appraisals, etc.

Read article Read article
image

Floor Plan

What is a 3D floor plan?

The home or property layout in the form of a diagram that shows it in 3D from above is known as a 3D floor plan. If 2D plans have only lines, their advanced 3D versions include a perspective that makes the understanding of property real size and space layout simpler. These floor plans are provided with all important property details including every window and door, flooring and wallpapers, fixed pieces usually based in the kitchen or bathroom. These plans often contain furniture pieces that help understand the room size and its functionality. They are used in a variety of spheres including home and office design and staging.

Read article Read article

If you have any questions we will happy hearing from you

Address

610 West Broadway, Suite 201

Jackson WY, 83001