Knowing the value of your home is not easy. However, many sellers tend to think that knowing your house’s worth in Dearborn MI should not be a problem while in actual sense, their numbers are way off. Even hiring a professional appraiser does not guarantee that you will get the true value of the house. Whether you are selling the house as the original owner or through a realtor, try and figure out what your house is worth before signing the sale agreement. It might sound like a complex undertaking but here are a few ways you can determine your house worth in Dearborn MI.
Run a Competitive Market Analysis
Running a Competitive Market Analysis (CMA) is something that is left to a professional realtor. However, this does not mean that you cannot try to draft your own CMA as long as you understand the basics. Some of the information required when running a CMA is on the recent property sale-especially those that are similar to your property. This way, you can be able to come up with an estimate of what your house is actually worth. The details on recent property sales are accessible on sites that deal with real estate property sales such as Trulia and Zillow.
Make sure that your comparison is based on a number of properties that are similar to your house. If you cannot make a direct comparison between your house and similar properties, try and add or subtract the figures based on the size of the properties in comparison. This allows you to arrive at a base point figure in Dearborn MI regardless of the fact that it might not be the true value of your house. Most realtors offer CMAs for free to their clients. However, you should never assume that this is always the case as some real estate agents make this offer with some hidden obligation that forces you to make a listing that you are not interested in.
Online calculators are amazing tools for calculating the real value of your home as they are easily available. However, you should be careful when using calculators as they only give you results based on the figures you input which are why your figures should be very accurate. For online calculators, utilize realty sites such as Zillow, Realtor.com and HomeGain. Do not limit finding the estimates to one site. It helps using at least three sites to come up with a more accurate estimate since all sites have their flaws. At times, one site can give you a certain average while another site gives you totally different results based on the same figures. The calculators might also give their figures but the true value of your property is determined by market forces.
Consider Hiring an Appraiser
Since there is a lot of uncertainty regarding the actual value of your property, it is a wise move to hire an appraiser whose opinion you can rely upon. Most homeowners view an appraisal as an added cost to the sale transaction while the reality is that an appraisal will set you back a couple of hundred dollars. However, the valuable insight from the appraisal can help put a price tag on your house. Always make sure that you do not rush into hiring an appraiser but rather, do some background research before hiring the right professional. During your search, ask about the appraiser’s specialization, professional expertise and licensing status.
You often find that most home sellers in Dearborn MI always have an appraisal done on their homes before selling in order to have an idea of the property’s real worth before finding a buyer. An appraisal can also come in handy especially if you are questioning the amount of taxes charged to your property. If you feel that you are being overcharged by the local authorities, hiring a professional appraiser will help you dispute the property taxes charged on the local authorities.
What to Consider in Home Valuation
One of the main characteristics of the property market is that the value of property fluctuates a lot due to market forces. There are certain times when your property’s worth is higher. Availability of property also affects the value of your house. This means that if you decide to sell your house, be on the lookout for emerging trends in the local property market in Dearborn MI. If you are looking to get the real value of your property in Dearborn MI, contact REIOutpost LLC for a professional appraisal and an accurate valuation of the property.