Responsible homeowners don’t simply jump into selling their properties without checking for their true value. With current inflation globally and several issues in the real estate industry, it becomes somewhat difficult to know the market value of a house. However, determining the true value of a home in Louisville can still be done if you have a few tricks up your sleeve.
A home’s true value equates to the market value that you can sell it for. That is why it is important to know the value before selling. This will help you get a reasonable price for your estate.
Determining the True Value of a Home in Louisville
To check the market value of the property, you can do the following:
Consult With An Appraiser
The easiest way to determine your home’s true value is to check with an appraiser. Appraisers know the market trends in your area. So, they can assess the property and give you a legitimate value. Appraisers also evaluate the local market and the property itself, including the characteristics of the house and the land and comparable properties within the area.
However, when hiring an appraiser, you must practice due diligence and do your research. Not all appraisers are equal since they each have specialties and different experience levels.
Utilize Online Tools and Calculators
With the rise of the internet, everything has become easier. An online calculator is a good tool for determining the true value of a home in Louisville. It works by calculating the property value through the information you provided.
Some online estimators on the web include Federal Housing Finance Agency HPI Calculator, Zillow and Remax, among many others. Each of these sites may show you a different result. It is better to calculate the home value using several sites to give you a good price range for the property’s overall market value.
Get a CMA or BPO From a Realtor
Real estate agents use Competitive Market Analysis (CMA) to gauge the value of your house by evaluating similar properties recently sold in the area. Also included in a CMA is the length of time similar properties stayed on the market until they were sold. It also shows how much they were actually sold for. The data can be retrieved from Multiple Listing Service (MLS) sites such as Zillow or Trulia.
Broker Price Opinion (BPO) works similarly to CMA but provides more in-depth information. Some states require a license when securing a BPO. BPOs are usually furnished to be used during foreclosures or short sales.
Check Property Tax Assessments
The government assesses market value in its own way. Reviewing the current property tax assessment can determine the true value of a home in Louisville. You can easily search for the assessed value of your property. However, this value is only limited to the home’s taxable value and does not necessarily equate to its actual market value.
Be Mindful of Market Trends
If you don’t want to spend money on appraisers and realtors, you may determine the value of your house by being mindful of the current market. The real estate industry always fluctuates. Different seasons may affect the sale, and supply and demand are also considered.
To maximize the true value of a home, sell your property at the right time with less competition.