To find out how much your house is truly worth, you must first figure out how you are going to sell it. As you probably know, there are plenty of ways to sell your home in Washington. The selling method you ultimately choose might depend on how fast you need to sell your home in Kirkland and move.
For the most part, you can determine the worth of your house by looking at the following:
- Pricing History: The past value of your home, which you can find through various buying sites
- Tax Assessment: A tax assessment is how assessors determine your property taxes
- Bank Appraisals: When a mortgage is involved, a professional appraiser will come to determine the value of your home
- Comps: These are the prices of similar homes, typically within a 1/2-mile range of your home.
Of course, even with all of this info, your house is only worth the amount a buyer is willing to pay for it.
Should You Sell Your Home Using a Real Estate Agent?
There are pros and cons when it comes to working with real estate agents. Of course, if you want to keep the majority of your money when selling, you should consider different options.
- Benefit: Your home will be marketed to a wider audience and sell much faster
- Disadvantage: You will pay your real estate agent a 5-6% fee on the final home sale price.
If you want to get the best price for your home, you could go the “for sale by owner” (FSBO) route. You could also sell your home for cash to an investor like HelloPad.
Depending on how you sell, you could make more or less. However, the more you make, the more you typically have to work, which is why it is important to look at the options.
Getting a Comparative Market Analysis
If you decide to work with a real estate agent, it is very important to get a comparative market analysis (CMA). CMA’s are estimate values from agents that are made for the purpose of listing. You can even get a CMA from a local real estate agent without hiring them if you choose to go a different route, as it can be an incredibly useful tool.
Hiring a Professional Appraiser
Before a lender will approve a mortgage, they will require a home appraisal. However, because you own property, you can hire a professional appraiser at any time you please. Over 28% of homeowners determine the values of their homes through professional appraisals.
Appraisers will typically evaluate:
- Property: The elements and characteristics of the home, including the land or any improvements over the years
- Market: The neighborhood, city, and region, in which the home sits
- Comps: The comparable properties, including listings, sales, and vacancies. They will also explore the cost and depreciation of other similar homes currently on the market.
The Importance Of Understanding Your Home Value
Understanding your home’s value helps you to determine what you can afford when purchasing your next home an whether or not the price you believe your home is worth is appropriate. Beyond that, you can get more information on refinancing, lines of credit for home equity, annual property taxes, and insurance premiums, from knowing the value of your home in Washington.