Selling a house can be a stressful event. Many questions will arise during the process. The biggest question though is “What Is My House Worth?”
A house can be worth many different values. You may believe that it is worth one price. The value you give the property may be affected by an emotional connection or how much money was spent on the counter tops. But, will a buyer pay that much or are you giving it enough value? If priced too high, your house will sit on the market. If priced too low, you will lose potential profit. To find the magical price that is just right, you need to know the Market Value.
What is Market Value? How can you find it?
A partial definition of market value is “The most probable price in terms of money which a property will bring in the competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”
The definition in itself is a mouthful! So where should you begin to get this elusive Market Value? Well… I fully recommend going down to your local trusted Real Estate Agent. But if you want to look elsewhere here is a quick summary of different options.
- A Real Estate Appraiser gets paid to assign a single value to the property. Appraisals usually start at around $350.
- The County Assessors assessments. These values are not especially accurate for many reasons. For instance, it assigns a value when property is brought and this value can only go up or down a certain percentage a year.
- Website services that offer quick and easy home market value estimates (ex. Zillow). These online companies examine data from limited sources. They apply their formula and instantly a value estimate is made. The values are estimated with out truly knowing the area or the condition of the home. Beware, many of these services broadcast the values Online for all to see. A suite has been filed against one such company, claiming financial damage from the broadcasting of potentially bogus information. FYI, The Nolen Group and Realty Highway, keep their opinions confidential.
- Companies that offer services that give a property value, then turn around and give a cash offer for the same amount. Remember, the companies that offer these services are investors. Investors usually pay 40% to 85% of the property’s estimated market value. There are even wholesale investors that buy at a steep enough discount to sell to another investor who repairs it and sells it to an owner occupant.
- A Real Estate Broker generally assigns a value range knowing that 10 motivated buyers may assign a different value to the same property. A Realtor may also give a value range too, based upon condition or upgrades, such as one price if the kitchen is upgraded or another, if it is sold in as it is. Even without looking inside, a local real estate broker’s opinion may be a better indicator of market value than an automated system. If you don’t want the broker in your house for some reason, snap a few pictures of your home, including the kitchen and bathrooms. Email it to the real estate broker; then ask for their thoughts on market value.
The bottom line is, it’s a good idea to collect values from various sources. However, more trust should be given to valuations from an actual person. A person, that is familiar with the local market, has viewed the interior, and carefully evaluated the property, such as your local Real Estate Agent.
Do you know your home’s market value? If not, contact me.
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