Home Value Estimate
Either the market is right or you’ve found your dream home—or both! Either way, you’re wanting to sell. Like anyone selling anything, you’re hoping to sell for more than what you paid, but factors such as age, materials used, possible state of disrepair, competitive prices and many more can directly affect the cost of your home or commercial building. Before committing to the selling process, you’re going to want to know how much to sell your building for. You’re going to need a Home Value Estimate!
The process of a Home Value Estimate, or property evaluation, is the formal calculation of your property’s current value by a professional appraisal company. Determining its worth may seem simple… until you dive into all the tiny details, which may prove overwhelming not long after starting. Not to mention, you may need an official home evaluation completed for insurance purposes, among other things such as financing, acquiring an investment analysis, and taxation. Trying to conduct a Home Value Estimate on your own may not be ideal, and not just for the officiality; a swarm of technical terms, comparing numbers, and several other factors can make estimating a property’s value accurately a far more daunting task than most may assume at first glance.
Unfortunately, knowing your property’s value is crucial to the real estate selling process. If a property is priced too high, it may not attract many buyers—per a real estate agent’s fiduciary responsibility, they may steer their client away from any unreasonable prices. On the other hand, if a property is underpriced, the seller may get more offers that increase the market price, but it is not always guaranteed. Neither situation is ideal.
You can also hire a real estate agent to sell your home, which may come with the added bonus of CMAs or Comparative Market Analysis. When brought aboard, and agent can do an in-depth analysis of what your property may cost in today’s market by comparing it to other properties with similar attributes. Using local market knowledge and data of current sales, a real estate agent can help you get an idea of what you’re working with.