Selling your house is the right move when there is a change in size requirement, relationship status, or favourable house market conditions. However, you will face the challenge of determining the value of your house. There are three types of valuation: fair market value, appraised value, and assessed value, each having different ways of valuing your home. Here are ways to find out the value of your house.
Use the online home value estimation tools
An online home value estimator is the best place to start from. You can find this tool by using search terms like how much is my house worth and entering your address. Known as automated valuation models (AVMs), these online tools use a specific algorithm to tap into millions of records within their database. The tool uses the information to estimate your home value. You can adjust the variables to determine how it affects the house value. However, please don’t rely on these online tools because they don’t capture details such as recent renovations.
Hire an appraiser
Estimating the value of your home by yourself can leave you with the wrong estimation. Therefore, hiring a professional appraiser would be best because you will get a credible appraisal value. The appraiser, unconnected to anyone in the possible transaction, will give you an impartial opinion and offer more advice regarding the property. However, ensure that the appraiser has a professional qualification or degree approved by the Royal Institution of Chartered Surveyors.
Track the value of your home
Alternatively, you can determine the value by tracking it from various sources, such as the local auditor’s website, where you can find assessments. Or, you can search sold property prices on the HM Land Registry website. You will also need to stay up to date on market shifts which will help you compare your house’s prices to similar ones. This is because the sources above have their fair share of limitations.
Inquire about market analysis from a real estate agent
Using a real estate agent will also be best, especially if you have a reliable one. Such an agent will provide comparative market analysis, mostly for free. To get an estimate, the agent will analyse previous sales data and consider other factors, such as the neighbourhood. Using an agent is arguably the best option if you have recently renovated your house because they will visit the site to check it out. On the downside, the valuation may be inaccurate if there are no recent sales of similar homes.
Compare the house with its previous value
You can compare the value of your house with the previous sale price. Some factors affect the value of properties, such as:
- supply
- mortgage rates
- upcoming developments within the area
- climate change
- politics
So, it would be best if you consider the factors as you estimate the value of your house. Check the recent developments and use them to determine whether the value has appreciated or depreciated and estimate accordingly.
In summary
Selling your house can be exciting and scary, especially if you don’t know the value. Fortunately, you can use options, such as searching online to find the estimated value of your house. To do so, you will use search terms like how much is my house worth and choose the online tools or any other method you have read about in this article.
