How to Get a Reasonable Estimate
To get an idea of how to value your property, the first thing you will want to do is to get online and do some basic research on the price of similar properties in your area. Check out local newspaper listings, and chat about the subject with family, friends and neighbors.
The next thing to do is to go to your local courthouse, city hall, or county court house and look up copies of property tax records. Property taxes are usually among the lowest assessments on the market, so you can use this as a guide for cheap to more expensive.
You should also find out whether there is a school district in your neighborhood. If the answer is yes, you’ll need to find out the school boundaries and check in what district or districts the schools belong.
Another no-nonsense way to get information on a property’s value is to simply do a basic walk by of the neighborhood and look at the houses nearby. Take a second to look at the architecture and the workmanship. These are indications of how long the houses have been standing and also of the quality of work.
Is Zillow Accurate?
Zillow publishes estimated property values, but it is not exactly a gauge of the real market value of a home. There are a number of different factors that could raise or lower the price, and a large source of the problem lies with the home listed: not all homes (or even all areas) are listed, and not all homes are as accurately priced as others.
When you are looking at a home, especially if you are interested in purchasing it, there are many things that you need to take into consideration and perhaps even bring in other trained professionals to help you.
Look at the condition of the home and decide if it is in good standing or not. A house that is not kept up will need extra maintenance costs that will be included in the price, so if a remodel is necessary, find out how much it will cost you.
Check the expenses of other things around the home that could affect the value, like monthly utilities. And don’t forget about taxes and other homeowners’ fees that might appear on your tax bill!
Inspect the home for any deficiencies like a faulty roof or water damage…and make sure that the home is actually up to code!
It’s Better to Contact an Agent
Although there are many ways that you can go about establishing the value of your property, the most reliable method is to enlist the help of a real estate agent. There are a number of different factors that can affect the financial worth of your property, which is why it’s difficult to determine the value on your own.
Agents base their pricing decisions on industry knowledge and information that they gather through contacts with other agents around the country. Therefore, you could have the most amazing house in the world, but without the expertise of an experienced realtor, you’re unlikely to receive a fair price.
Even if you’re trying to sell your house, there are many reasons why it makes sense to enlist the help of a realtor, especially if you want to maximize your profit.
For example, a realtor can:
- ·Analyze your home thoroughly and give you a free market analysis
- ·Market your property effectively on a variety of different online platforms
- ·Help you choose the most effective and appealing set of pictures
- ·Live up to your end of the deal by negotiating on your behalf
The Market and Appraisal Values
The two most popular methods for determining home values are appraisals and market analysis. Appraisals are performed for loan purposes but are used for taxation purposes by government entities. Market analysis is the process of determining what the majority of buyers are paying (or offering). In a robust market, both methods of determining property value may result in similar evaluation of value. However, when markets are weak, one or the other method may yield different results.
If you are a seller, you must know what the market value is and what your property is worth. Your real estate agent should be able to provide you with the market values of comparable properties. There are many on-line sources that will help you determine the market value of other properties in your neighborhood
A licensed appraiser is able to more accurately determine market value than an agent because he or she will analyze many factors that affect the real estate market in combination. He or she will consider current and past sales of comparable properties, as well as the physical condition of the property as well as other factors that influence the value of the parcel.
If you have ever considered buying or selling property, the question of whether or not one property is worth more than another is probably something you have thought about. Determining property values is an art that takes experience to master.
You can create charts and tables that show trends over time, but if you want to use those values to sell or purchase property, you need to learn how to create a standard valuation for a certain property or piece of land.
One of the best resources you can use to help you determine the value of your property is the local assessor’s office. They know the property assessors in the area, and they can put you in touch with someone who has experience valuing nearby property.
If you love to fix things up and keep your home or property up to date, you may be able to add some value by updating and updating the property. The more property is worth, the more you can sell for or the higher price you can get out of it.