Welcome to the CowdinGroup.com Blog

2016-02-04 14:38:51
How to Find Out What My Home is Worth

Whether you are considering selling your home or are just curious about the possibilities, knowing your home's fair market value is important. With this information, you can make an informed decision about pricing your property, timing the sale of your home and what improvements will add value. If you are asking yourself about the value of your property, here are some strategies you can use to get a clear picture of its potential value.

Check Your Property Taxes

Your property tax bill will have a tax assessment value listed for your home. Look at this value, then look at the property tax assessment rate. Property taxes are a percentage of the home's fair market value based on the assessment rate. You can use this information to determine a market value for your property. Divide the tax assessed value by the assessment percentage to find the fair market value.

Factors that Affect a Home's Value

Several factors can affect a home's value. Some factors you cannot control. These include:

  • The home's location
  • General state and desirability of the neighborhood
  • Value of recently sold properties
  • Current market conditions

Some factors you do have control over, at least somewhat. These include:

  • The home's condition
  • The home's curb appeal
  • Added features and benefits of the home

Determining your home's potential value requires considering all of these factors. This is why online estimates are typically not the most reliable option when pricing your home. Although they can provide you with a starting point, online calculators cannot consider condition, curb appeal and additional factors.

Comparing Comps to Determine Home Value

'Comps' are comparable homes that are on the market or that have sold recently. Comparing comps can help you determine what your home would get based on current market conditions, which is the real question most sellers are asking. Before you begin researching comps, remember to consider the location, size and features of the homes you are comparing yours to.

Comps give you clear insight into the actual value of homes like yours in the current market. In other words, they show what sellers are willing to pay for a home like yours. Ultimately, this is what you need to know as you consider pricing strategies for your home. Even if your home is 'worth' much more, if buyers are not willing to pay more in your area, that extra 'worth' is not helpful.

Talk to a Knowledgeable Realtor

So how can you get the clearest picture of what your home is worth? Talk to a knowledgeable real estate agent who knows the area well. Cowdin Group specializes in helping Utah homeowners price their homes competitively using current market data to ensure accurate value assessments. Schedule a consultation with a Cowdin Group real estate agent today to get a clear picture of what your home's fair market value is.

 
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