Do You Know The Factors That Determine Your Property Value?

Nobody wants to sell their home for a loss. Most people are very concerned about their property value when looking to selling their home. Understanding property value can be confusing for many people. However, there are a couple of key factors that constitute the value of a property. Understanding these factors will take all of the confusion out of the property valuation process.

Neighborhood Data
Examining the average home value in your neighborhood is a key factor in determining the property value of your home. In fact, this should be your first step. The better your neighborhood is, the more money you will be able to get for your property. A stagnant neighborhood would cause your home to be worth a lot less than you would desire.

These sites will help you learn more about your neighborhood:
Neighborhood Scout

Check Local Listings
Find listing of homes with similar features in your area. Pay close attention to how long a home has been on the market. Homes that have been listed for 30 days or more should send up a red flag in your mind. In this case, it is very likely that the asking price for the home is too high.

Here are some sites that you can use to check on your local market:

Check The Internet
There are a number of sites online that will allow you to check the value of your property. The information provided on these sites is not exact. While is it a nice guide, the figures that you will find can be off by as much as 10%.

These sites should help you determine your property value:
Real Estate ABC

Home Appraisal
A home appraisal is the most accurate way to determine the value of a property. You can expect to spend a couple of hundred dollars on a home appraisal, but it can definitely be worth it.

Home Features
When trying to come up with an accurate deception of how much your property is worth, it is important to consider all of the features of your home. Things like a new roof or remodeled rooms can definitely influence the value of a property.

Knowing your property value will allow you to sell your home quickly and easily. The housing market is always changing. Keep your expectations realistic. Your home may not be worth as much as you think.