When it comes to homeownership, the first thing on everyone’s mind is how much their home might be worth. But just because you don’t plan on selling your property anytime soon doesn’t mean that checking in with an expert couldn’t help you down the line. With so many free and easy ways for people to ask a simple question like “how much is my house worth?” There are few excuses not to!
It’s important for homeowners to never stop keeping tabs of what they own – even when things seem stable enough as-is or if plans have been set into motion elsewhere altogether. There are a lot of reasons to keep track of the value of your home. Not only is it important for when you want to sell, but also because it’s part of your net worth and can be used as collateral in case you need more money at some point in time.
Of course, the answer to “How much is my home worth?” varies from person to person. It’s all about knowing how much you can get for it if you decide to sell – and that value will change over time depending on a variety of factors like location or recent renovations. Many real estate professionals recommend keeping tabs on your property’s value in the years leading up when deciding to sell so that key trends are tracked and any potential opportunities taken advantage of before listing occurs.
So how do we figure out what our home might be worth? Here are four ways:
Use Online Home Value Estimate Calculators
If you want to know how much your home is worth, many websites have tools that will give you an estimate for free! Check out sites like Zillow, Realtor.com, or Redfin just to name a few. Just type in the address of where your house is and boom–you’ll have all sorts of information about its value including comparisons with other properties around it. You can also find out what’s happening as far as prices go by checking on their market trend map too.
If you really want to get a comprehensive look at your home’s current value, check out multiple sites’ automatic valuation of your home and see how they differ. You’d be surprised at the details you can uncover by just this simple step!
Get Feedback from Realtors
Nobody knows your hometown like an agent does – plenty of them are Melbourne, FL locals too! And fortunately for you they’ll be happy to do it at no cost in hopes that when you’re ready to move again these will be the first ones called.
When choosing an agent for the job, look for someone with a stellar reputation. The agent will use public records to determine your home’s value, primarily data on recent sales in Melbourne, FL and upgrades that may affect its worth. Ask around for referrals from friends or family members who’ve sold their homes before you (they can probably offer some insight into which agents they liked working with). Also, read reviews online of any agency recommendations – there are plenty out there! And find someone whose personality meshes well with yours so that it isn’t just about getting a sale but also feeling good about yourself afterward.
Take a Look at the Data Yourself
If you want to know what your home is really worth, then don’t be afraid of the comps. Comps are short for comparables and they refer to how similar properties sold in your area have performed over a given period of time. If you know someone that has sold who lives on the same street as you or has a property that looks just like yours (square footage-wise), it would give great insight as to where you could price your own house!
When it comes to a comp analysis, the real price of an item is much more telling than list prices. The sale price speaks to what people are willing to pay for something and that tells us about its true value better than anything else can. To get a sense of how valuable your property might be, start browsing through your local MLS page or head back over on Realtor.com where you’ll find their home estimate tool with all sorts of information including recent sales and estimates for current values across any address in America!
For the most thorough comp analysis possible, you’ll also need to factor in additional information about your home that will affect its worth. Things like updates, upgrades and a finished basement can have an impact on what its market value might be. Without help from agents however it is difficult to determine exactly how much of a boost these factors are going to give you as they all vary depending on where you live and other things like school districts so there isn’t one set price estimate for any particular area or scenario but figures range anywhere from 3-15% higher than without these improvements which means just investing in some paint could make quite the difference when selling!
Have an Appraiser Walk Through
Appraisals are much more than just a way to sell or refinance your home. If you want, homeowners can hire professional appraisers for an estimate of their property’s value any time they like—though keep in mind that this is something that can be a bit costly.
Cost aside, property appraisers can help you make better decisions because they consider a wide range of factors that affect prices. They’ll even be able to judge your house based on less quantifiable things like flow and functionality. Ensure the appraiser you hire has a good track record in the Melbourne, FL area.
The Big Picture
Oftentimes, the negotiations on a property can be contentious. The reality is that because of variables such as location and state of repair, no one will ever know for sure what your house is worth. That being said, if you stay up to date with factors like how much similar homes are selling for in your area or other metrics about home values overall then you won’t have any surprises come time to sell it off!
If you’re ready to sell your home, it can be helpful for homeowners like yourself to do a bit of research so that they know why their house is being priced as such. Start by looking at some comps and get an online estimate early on in the process with help from your real estate agent!
If you need any assistance in selling your Melbourne home, or if you’re curious about the cash homebuying process, visit SellThatFloridaHouse or call (407) 228-6382. We’re happy to help anyone in need of our services if you’re struggling with an Melbourne home.