Finding the fair market value of your home isn’t a fast cut-and-dry process. Although professional advice from real estate agents is certainly an informed opinion, you might choose to research your house’s probable worth independently, particularly in the event that you believe that a broker is undervaluing your property. There are many ways to view the fair market value of your home, but frequently no one formula will work for each and every sale.
Contact a realtor who works an office near your home. If possible, identify a broker who has sold homes that are similar to yours in your community. It is more probable that these agents will have firsthand knowledge of your house’s style as well as the local real estate marketplace.
Ask the real estate agent to provide information. It’s possible that you might need to pay a small fee if you’re not likely to sell your home via the agent. Realtors can offer comparative market analyses (CMAs) that show recent sales within the previous six weeks and current list prices for similar properties.
Find extra information that can supplement the CMA supplied by your realtor. Recent property sales can be found recorded in local newspapers and real estate publications as well as Internet home-listing sites. Also, you may want to drive around your neighborhood and talk to homeowners who have submitted”For Sale” signs.
Determine the purchase price per square foot for similar properties in your neighborhood by dividing the list price or sale price by the house’s square footage. Multiply that price per square foot by the square footage of your own property to come up with a rough price estimate. Homes that were remodeled extensively because their construction might be priced more accurately by determining their square footage worth.
Use property tax assessments locally if properties comparable with your own cannot be located in your community. Find the averages of the recent sales and tax assessments in your community. Divide the sales average by the tax assessment average to come up with a tax assessment multiplier. Assessing your property’s tax assessment by that multiplier figure to ascertain another rough figure for your house’s worth.