How Much Is My House Worth
How Much Is My House Worth
Before putting a home on the market, it’s important to know how much your house is worth to make sure that you don’t fall for a low ball offer. Instead, you can accurately negotiate with an iBuyer or a private buyer to make sure that you get every penny that your home is worth. This article will cover every way to determine how much a house is worth. In addition to that, we will go over some easy ways to instantly increase your home’s value.
How Much Is Your House Worth?
When determining an estimated value for your house, there are several things that you want to look at, such as the square feet of your home. There are also quite a few different ways that you can determine the value of your home.
Ask A Real Estate Agent To Conduct A Comparative Market Analysis
Most real estate agents will do this for free if they think that you want to work with them to sell your home. If you’re already working with an agent, they will do this in order to sell your home.
This analysis will take several things into account when determining the value of your home. They will look at the total square footage of your house. Real estate professionals will also take into account the current market and sale prices in your neighborhood. They’ll look at home upgrades and add these to the value of your home too.
A Professional Appraisal
Homeowners that are selling their home through a professional real estate agent will more than likely receive a professional appraisal that considers every aspect of the home, including square footage. These are affordable and require little effort from the homeowner.
Get A Free Estimate From An iBuyer
iBuyers use online tools similar that take into account several things that mortgage lenders do, such as square feet, the market, and the neighborhood. When homeowners receive an offer, they are under no obligation to sell their home with the iBuyer. Ask for an offer from an ibuyer, us, or read in-depth reviews of other ibuyers like: Offerpad, Opendoor, and Zillow. You’ll notice that all three of these estimates will be close to each other. This is the approximate sale price of your home without additions.
However, it could also be a lower figure than what you wind up selling your home for. Make sure that you compare it to recent sales in your neighborhood.
Consider Additions And Upgrades
There are quite a few upgrades that many homeowners complete. These can drastically increase the value of your home. For example, if you added an extra room or two to your home, and this was not listed on Zillow, you have higher square footage than you realize. Other additions and upgrades you’ll want to consider include, but are not limited to:
- Stainless steel appliances
- New hardwood floors
- A new roof
- Updated furnace
- Energy efficient water heater or furnace
- Updated fixtures
- A privacy fence
Every little upgrade to your home has the potential to increase the value. Take the time to consider these in addition to what real estate markets are like to give yourself an accurate estimate of what your home is worth.
Use A Free Online Tool
There are plenty of free online tools that will give you an approximate estimate for your home just like an iBuyer does. These tools look at the housing market as well as a variety of factors that contribute to your home’s worth. You can find a free online tool that Zillow offers here. Or maybe you’re not wanting to just get a value for your home buy just looking to sell your home fast.
These are a wonderful starting point for determining your home value. However, keep in mind that they do not take into account things like upgrades, the appearance of your home, or even how quiet the neighborhood is.
Home Value Changes Over Time
Homeowners that are planning on selling their home months from now are encouraged to wait until they are considering selling before checking the value of their home. There are several things that will impact the value of your home.
The housing market tends to go up and down. When the market is down, a home will be worth significantly less than when the market is going great. Recessions, inflation, and even times when the economy is going great will all have an impact on the housing market. Political issues will also impact the value of houses. This will then impact the fair market value of your home.
Supply And Demand
If there are not a lot of houses available in an area, and plenty of people would like to buy them, it will raise the value of homes. Even professionals use this as a part of their valuation model with homeowners applying for an equity loan! Consider the housing situation in your area to determine the perfect time to sell your home.
Local Factors And Economy
There are several things in your neighborhood that will impact the fair value of your home. One of the primary factors to consider is employment. If it is hard to find a job in your area, this will decrease the value of your home. Transportation is another factor to consider. Most people don’t want to move somewhere if it’s hard to get around, which will also decrease the value of a home.
Other local factors, such as safety, crime level, and whether there are nearby grocery stores and shopping centers can have an impact on home value. The harder it is to live in a neighborhood, the less desirable it is for other people. This will negatively impact the fair market value of a home.
Common Things that Affect Property Value
There are quite a few factors that will always have an impact on property value. The local tax rate, interest rates, and overall local economy will always have an impact on property value. These can increase or decrease your property value.
Ways To Increase Home Value
Homeowners that are disappointed with the value of their homes can find various ways to increase the value of their homes. Implementing cheap ways to increase home value will guarantee a higher return on investment.
Increase Curb Appeal
Curb appeal is the aesthetic appeal of a home from the curb. Most buyers decide in this instant whether they will give a house a chance. There are quite a few cost effective upgrades that homeowners can do to drastically increase curb appeal.
Applying a fresh coat of paint to the exterior of the house can help make it look brand new. Homes that have siding can be power washed to increase their aesthetic appeal.
The front porch of a home often gets left out of selling efforts, but it’s one of the most important parts. Homeowners want their homes to leave a wonderful first impression. Put a fresh coat of paint on the porch. Make sure that the doorbell works, and declutter your porch before showing the house. Flowers and plants are a great idea for large porches.
Landscaping is another great way to make a house more enticing. Make sure that the grass is neatly cut. Plant bushes and small trees in the yard. Sidewalks should be swept and in good repair. Flowerbeds are a wonderful addition to any home! Make sure that any existing bushes or trees are properly pruned.
When cleaning up the exterior of the house, it’s important to remember the gutters. These are often forgotten and can make a home look unkempt. Break out the ladder or hire a local contractor to tackle the job of cleaning debris out of the gutters.
After you are done with your curb appeal projects, walk to the road in front of the house. Then, take a good look at your home to make sure that it looks flawless.
Fix Minor Things
There are plenty of things on the to-do list of every homeowner, and it’s time to get them done. Tighten loose screws and make sure that doors are hanging properly. Fix small scratches on wooden floors. Fill in gaps along the wall with caulk, and make sure that all of the lights work properly. Most buyers won’t notice that homeowners complete these small tasks, but they will definitely notice if they do not complete them. Common minor repairs that are easy to fix include:
- A torn screen door
- Torn screens on windows
- An old welcome mat that needs to be replaced
- Fixing leaky pipes
- Make sure that there is a clean furnace filter
- Old outlet covers that appear outdated
- Patching holes in the walls
- Filling in gaps in a wooden floor
All of these repairs are minor and require no previous experience to fix. However, they can instantly make your home more appealing than if you let them go.
Giving the interior of a house a fresh coat of paint is always a great idea. Most home improvement stores sell large buckets of paint at a discount. Painting is an easy DIY project, even for homeowners that have no previous experience.
While new doorknobs won’t necessarily increase the value of your home, old doorknobs that don’t work can decrease the value of your home. These are cheap and easy to install.
When choosing new doorknobs, it’s important to make sure that they match. Doorknobs should also match the hinges on the door to guarantee that the entire house looks perfectly coordinated. Small details like this one will help increase the value of a home, and help it sell faster.
Deep Clean The Entire House
Not only will this help you get a higher price for your home, but it will also help your home sell faster. Most buyers are under the impression that if a home is spotless and clutter free that it means it will need little repair. They will have a more favorable impression of both the home and the homeowner.
Begin by decluttering the entire house. Take everything that will not be used in the next six months and pack it away. It can be placed in the attic or rent a storage unit. If no one in the family uses things, consider donating them to charity.
Then, deep clean the entire home. Dust the light fixtures. Give the ceiling fans a good cleaning, and don’t forget to wipe off window sills. Clean the windows, walls, and floors well. Then, take the time to clean the rest of the house. Don’t forget the minor details, such as the legs of chairs and cabinet handles. The entire home will look brand new!
Opt For Upgrades You Can Get A Return On
Certain upgrades will increase the value of your home, and you can enjoy them while you live in your home. If you need new appliances, pick up stainless steel appliances and let them go with the house. Most homeowners are able to up the selling price of their home enough to recoup the cost of new windows and new wooden floors. A new roof is another wonderful upgrade that homeowners should look into.
When considering the value of a home, online estimates can be convenient. The instant estimate provided often takes basic factors into account, such as market conditions and the square foot area of the house. For an accurate estimate of the value of your home, consult a real estate expert or consider paying for an appraisal. These can cost $300-400, but they can help guarantee that homeowners receive a fair price for their homes.