How to Determine What Your Home is Worth
Thinking about selling your house? Wondering if you should question your property tax assessment? Just curious about the current value of one of your biggest investments? According to a recent poll conducted by NerdWallet, nearly three-quarters of Americans say knowing the value of their home is important to understanding their overall financial health.
There are a number of reasons to look into how much your home is worth and quite a few ways to track down that information. Here are some tips!
Start Online
If you’re looking for a general estimate of what your home is worth, an online home valuation service may be a good place to start. You can also get an instant online estimate of your home price through our RE/MAX website. Other websites like Zillow and Trulia take into account information you provide as well as public records to approximate your home’s current market value. These services are fast and usually free, although not as accurate.
Check Out the Neighbors
Recent sales and current listings in your area are a strong indicator of what you could sell your home for, and there are several ways to find that information. Again, the Internet is a good place to start. To look up sale prices for specific properties in Breckenridge, try Real Estate ABC or Summit County Assessor’s website. While less scientific, going to open houses, or events like the Summit County Parade of Homes, can also help you get an idea of the local housing market. Keep in mind that past sales should carry more weight than current sale prices.
Call a Real Estate Agent
If you’re serious about selling your home, a professional local real estate agent can help you more accurately estimate the current market value of your home. He or she will compare your home to similar properties – carefully considering factors like square footage, age, amenities, upgrades, condition and location – and help assign value to what makes your home unique. First-hand knowledge of the local market and assessing your home in person will provide a more accurate valuation than the Internet.
Hire an Appraiser
Like a real estate agent, a licensed appraiser will visit your home and closely inspect the property to assess the market value. An appraiser will evaluate the local real estate market, your property and comparable properties and provide an official report. Banks require an appraisal as part of the mortgage process, but you can hire an appraiser at any time. The average cost of an appraisal for a single-family home is $300-$500.
If you have questions about how to determine the value of your home in Breckenridge or have other real estate questions, contact The Moen Team. We are here to help!