Selling your home is tricky if you don’t know what to expect from it. While the process itself is time-intensive, understanding your property’s value is half the battle. Fortunately, here are three useful ways to determine your property value so that you’re ready to sell. Whether you use an online valuation tool, professional appraisal, or realtor-grade CMA, assessments are accurate in their values and let you know what to expect. Online Valuation ToolsOnline home value estimators are some of the most useful tools to estimate your home’s value. These automated valuation models (AVM) use public records of other homes in your area, such as property transfers and tax assessments, to predict your property value. Even if there’s limited data on your listing, AVMs offer the most reasonable estimate based on other listings and values. While predictable, they do offer only a certain confidence interval of reliability. This confidence interval determines the accuracy of that market value relative to the actual appraisal or listed realtor price. Professional AppraisalA professional appraisal is also beneficial. An actual property appraiser will check your home. They’ll look for physical deterioration, structural problems, functional obsolescence, and economic obsolescence. Functional obsolescence encompasses outdated fixtures or features that no longer increase market value. Similarly, economic obsolescence includes environmental factors that lower property value, such as nearby busy highways, airports, or factories. The appraisal estimates the value of your property and improvements before deducting value from depreciated building cost and deterioration. Realtor AssessmentThe final useful way to determine your property value is to work with a realtor. Like a professional appraisal, realtor assessments use specific industry techniques to determine property value. One of these is a comparative market analysis (CMA), which includes information based on comparable homes in the area. CMAs analyze the selling prices for these homes, how long they remain listed before selling, and what they’re selling for compared to their original list price. When preparing for the CMA, realtors assess many things. These include the size, location, bedroom quantity, bathroom quantity, style, type, and recent sales price. If all these sound like too much of a hassle for you, consider using a direct home buying company. At Direct Property Buyer, we understand the need to sell your house fast. That’s why we purchase homes “as-is” with no inspections, obligations, or contingencies. We’re in the Chicagoland area. So, if you’re thinking, “I want to sell my house fast in Joliet,” you’ve come to the right place. We pay cash with no closing costs, broker commissions, or repairs necessary. Don’t wait and call us now to learn more.
1 Comment
11/15/2021 09:35:21 am
I want to make sure that I know the value of my property. It makes sense that getting someone to valuate it for me would be beneficial. That seems like a good way to figure it out for sure.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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