How to Determine the value of my Property?

The value of your property is a key factor in helping you decide whether or not to sell, how to competitively price your property, and evaluate whether your property is holding its value. Working with a real estate professional is the most accurate way to determine the value of your property and can provide outstanding professional real estate market assistance.  Consulting online listings of current real estate transactions or talking to your neighbors about property values is often misleading.

The best way to find out the value of your real estate property is to get a comparative market analysis (CMA) or an appraisal.  Real estate agents can provide you a CMA free of charge.  A comparative market analysis helps you find the prices in which properties comparable to yours have sold for recently.  Checking the price of comparable homes currently on the market is the best tool to gauge your home’s best selling price based on its estimated property value. Your house is compared to those across the street or around the corner, not homes in another neighborhood. With access to the Multiple Listing Service (MLS), the national database of real estate listings, real estate agents and home appraisers have the tools and experience to find comparable homes to help you determine the value of your property.

The estimates from your CMA or appraisal are derived from local sales and prices.  Often these assessments do not reflect other issues affecting your home’s value. Your property’s value is what a possible buyer would pay. The value of your house is not based on what you originally paid for the house or how much you’ve spent in improvements. Real estate is worth only what the highest bidder is willing to pay for it. This amount is also known as fair market value. The fair market value is important because it allows a property owner to have complete knowledge of the value of his property.  This allows a homeowner avoid being taken advantage of.

When determining the value of your property, it is important to consider the basic factors driving property value:

Community:

A city’s services and dynamic business districts usually translate into stable property values.  Also consider a community’s history and identity, and its perception to current buyers. Perceptions, good or bad, real or unreal, can drive property values low or high. Know where your neighborhood stands.

Neighborhood:

A neighborhood that is beautiful, safe, and well-located usually translates into solid or growing property values.

Schools:

Good schools are related to stable property values.

Amenities:

Parks, bike paths, libraries, and other community features can enhance property values, as long as the areas are well kept.

Transportation:

Easy access to transportation can help property values.

Zoning and planning:

Property values can be positively or negatively affected by zoning decisions and community development plans. Become active in neighborhood associations to prevent negative effects of a county or city’s planning commission.

 

Hopefully this article help you answer the question “how to determine the value of my property?” Have other questions?

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