Knowing the true value of your property beforehand can help you quote a selling price when you plan to move to another area. People also depend on the selling value to determine whether to add upgrades to raise the price for their property. But who sets this value and how is it calculated? Here’s a breakdown on how you can figure it out:
Using an Online Calculator
For a small fee or often in a freemium package, you will be able to find calculators online that can be used to determine the value of properties. These usually use tax databases to determine previous sales values in the region and provide an estimate. These typically fail to estimate conditions such as recent developments in the area, such as the construction of a park or a school that can raise the whole neighborhood’s property value.
Evaluate Similar Properties
This process is reasonably straightforward as you have to find a similar property in the area and was sold recently. It will give you an idea of what you could ask for your property. Depending on the added functionality that the property had compared to yours, you will have to make some deductions as well or vice versa if you have any additional feature that could net you a better price.
It isn’t an entirely accurate procedure, especially if the compared property is in a different neighborhood as improving neighborhoods generally have higher property values despite similar property sizes and features.
Ask A Realtor for Home Valuation
An appointment with a realtor might cost you a little, but they will be able to provide you with the best home valuation. Real estate agents deal in the sales and purchase of property regularly, so they have a fair idea of homes’ market value across the area. They will be able to give you a reasonable and accurate number for your home when you’re trying to sell it and maybe even connect you to potential buyers.
If you’re looking for home valuation, Phillip Fehler, an experienced residential real estate agent and broker for Fathom Realty can assist you easily. He also provides relocation opportunities in Fayetteville or a military residential area like Fort Bragg, NC. With ten years of experience in the real estate business, Phillip ensures that his clients get the best deals, finding them the home of their dreams within their budget in the NC area. For home valuation, queries, and other questions, reach out today.