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Having a good idea of the value of your property is important, whether you’re planning to sell it right away or not. Luckily, there are lots of user-friendly and free tools online to get an up-to-date analysis of a home’s current market value. If you’re thinking about how much your home is worth at the moment, these tips could help you out.
- Use an online tool to evaluate the worth of your property
- Do your own comp analysis
- Ask a real estate agent
- Get an appraisal
An online tool is one of the easiest ways to get the estimated value of your home. Realtor.com’s home value tool is a big help to most homeowners who want to know the worth of their property. Just type in your address and the necessary details requested and you’ll receive a free estimate of your home’s current price.
You’ll also get a comparison between the value of your home and the average prices of current homes for sale and recently sold properties in your neighborhood. Knowing these things could help you get a clear picture of the market trend in your community.
“Comps” or comparables refer to the value of similar properties in your neighborhood. These are figures that help you know what your own home is worth. The best comps come from properties that are in the same location and the ones with similar square footage and features. To do this, you may browse your local MLS page or head back to Realtor.com’s home estimate tool and start typing in addresses. If a home has been recently sold, you’ll see the price it sold for and when the sale took place. Otherwise, you’ll see an estimate of the house’s current value.
Nobody knows better the neighborhood you’re in than a local real estate agent. Most agents from your town or city will also be happy to help you figure out your home’s estimated worth at no cost. Just keep in mind that you may need to repay their courtesy by calling them first when you’re ready to sell.
Choosing the right agent is key to a successful real estate transaction. Hire someone you click with. To help you find the best agent, ask your trusted friends and family members for recommendations and read their reviews online.
You can ask for an appraisal even if you’re not selling your home. A professional appraiser will take a look at your property and give you an estimate of its value. Just remember that this is a service you’ll have to pay for.
An appraiser considers a wide range of factors such as comps, property characteristics, and local market trends that affect the value of your property. So if you want to get the most comprehensive price estimates possible, hiring an appraiser is the solution. Be sure to work with a licensed appraiser experienced in your particular market.
A real estate agent will help you set the best price for your home, but it can be also helpful to do a bit of your own research. This way, you’re not completely out of the loop on why your home is priced the way it is. If you need more assistance in determining the worth of your home in the greater Kansas City area, call us, the Dana Benjamin Team, at 913.522.4277 or send us an email at DBenjamin(at)ReeseNichols(dotted)com.