The values of property are constantly changing, and it is important to stay informed of the value of property on your neighborhood. If you’re a homeowner and considering refinancing or selling, understanding the present value of your house is a essential part of process. Homebuyers also need to be educated as far as home prices so they can submit a strong and competitive supply on a house without overpaying.
Pick specific criteria to use on your comparison; for example, a set number of bedrooms and baths or a approximate square footage and lot dimensions. Notice the status of the home including what upgrades it may have. This standards will become the basis of your comparison.
Use the world wide web to help you to find the sold deals in your neighborhood that satisfy your criteria. Sites like Trulia.com and Zillow.com listing sold houses in your town, including houses marketed by owner, foreclosures and short sales. Enter your criteria in the research fields along with also a listing of houses meeting that standards will appear. Decide on a set of about five houses to make your comparison.
Visit open houses on your neighborhood and follow their progress until they are offered. Seeing the data online or on paper is 1 thing, but getting to know these houses in person will help you make a strong comparison. For example, two houses may have the same bedroom and bath count, but one may have a layout that makes it feel more spacious. Additionally, it may have more natural light. They certainly do affect the value of their property, although these items may not show up on paper.
Consult a local realtor and have her put together a comparative market analysis (CMA) for you. There’s not any fee for this. Pick an agent who specializes in your neighborhood, as he will already be familiar with the sold houses in that area. The CMA will provide you the details of each home, the listing cost and the offered price. It will give you the amount of days each home was on the market, and it will provide you averages in each class. The most important homes will be those that have sold in the last six months. In a marketplace that’s changing very quickly, you may only want to use the houses that have sold in the last two or three months.
Keep the CMA and use it as a basis for the future comparisons. Use the typical sales prices as your guide. Consider the details of the houses when determining where it falls in the listing. Beyond your basic standards, consider the status and age of the roof, kitchen and bathroom upgrades, flooring, and parking areas. Always examine holistically reports and property inspection reports to help you see what work the property needs.