If you’re a home seller in Baltimore City, you may be wondering, “What is the exact value of my home in Baltimore City?” Figuring out an accurate value for your home can be difficult, and many home sellers aren’t sure where to start.
Determining property value is an essential first step to setting a competitive yet reasonable listing price.
At Your Home Sold Guaranteed Realty - Vinny Steo, we understand the importance of accurately pricing your home to attract potential buyers. In this post, our Baltimore City real estate team will discuss why it’s crucial to know your home’s exact value. We’ll explain the difference between appraisal value and market value, and discuss four methods to help determine your property’s worth.
What Are The Benefits of Knowing The Exact Value of My Home in Baltimore City?
Determining the exact value of your home helps you set an asking price that attracts a large number of potential buyers. Pricing your home wrong can have severe consequences. Setting the price too high may scare away home buyers, while underpricing could lead to missed profits.
Although you may believe you can price your home slightly higher than others in the area, keep in mind that buyer’s agents advise their clients on average home prices. This means buyers will know if your home is overpriced, and could overlook it in favor of other options. When there’s a sea of other home sellers out there competing with you, it’s important that this doesn’t happen.
There are several ways to calculate your home’s market value, such as online tools or working with a professional. But first, it’s important to understand there are two ways to measure value: appraised value and market value.
Appraisal value considers features that can’t be easily distinguished just by looking at the home, like upgrades or renovations. Market value, on the other hand, prices your home based on similar looking homes in the surrounding area. It’s important to understand the difference between these two concepts before calculating your property value.
The Difference Between Appraisal Value and Market Value
Buyers may not realize your home has certain unique features that make it more valuable than other properties in the area. Only a home appraisal can account for these features.
To get a home appraisal value, you have to hire a professional appraiser. The appraiser will consider various factors to calculate how much your home is worth, such as:
- Current housing market conditions
- The neighborhood and location of the home
- Curb appeal
- Upgrades or renovations
Usually, an appraisal is conducted by the home buyer as a prerequisite to getting their mortgage loan. Lenders do this to ensure they do not give a loan for more than the house is worth. It is a safety net for the institution, and it is generally the responsibility of the home buyer to pay for it.
So, how is market value different from appraisal value? The market value of your home is determined by the home buyers in the market, and the levels of supply and demand. It may or may not be equivalent to the appraisal value.
Essentially, the market value is whatever home buyers are willing to pay for your house in its current condition and with the current state of the real estate market. Your asking price will likely reflect the market value of your home rather than the appraisal value.
What Are Four Ways to Find The Exact Value of My Home in Baltimore City?
There are several ways that you can figure out the exact value of your home in Baltimore City. These methods include:
Online Valuation Tools
Many companies offer online valuation tools which are either free to use or require a minimal fee. However, these tools should be used cautiously because many of them are notorious for over or undervaluing homes. One example is Zillow Zestimates. At Your Home Sold Guaranteed Realty - Vinny Steo, our team offers a FREE online home valuation tool that you can feel confident using to determine the exact value of your home because it’s specifically tailored to the Baltimore City housing market.
Professional Home Appraisal
Even though it’s the buyer’s responsibility to get a home appraisal, you can also hire a professional home appraiser yourself. An appraiser can provide you with a well-rounded and thorough valuation of your home’s worth. They incorporate the current market conditions as well as specific aspects of your particular home to determine its value. While it will be highly accurate, it will come at a price.
Ask a Realtor
When in doubt, turning to a professional who has your best interests in mind is always a good idea. If you want to know the exact value of your home in Baltimore City, our team is happy to help you find that answer by analyzing the state of the current market through comparative market analysis.
Obtain Real Estate “Comps”
Comps are comparable homes in your area that are currently listed or recently sold which match your house in regards to location, layout, features, and other factors. Analyzing these comps can help you set a listing price based on homes with similar features to your own. Comps can be found by researching public property records. But working with a realtor is the easiest way to find them.
Whatever method you choose to utilize can help you answer the question, “What is the exact value of my home in Baltimore City.” That way, you can determine a reasonable yet competitive asking price.
What’s The Best Way to Find The Exact Value of My Home in Baltimore City?
If you need to find the value of your home in Baltimore City, Your Home Sold Guaranteed Realty - Vinny Steo can help. We can help you ensure that you get exactly what your home is worth. Our realtors at Your Home Sold Guaranteed Realty - Vinny Steo are experts in the real estate industry, and we understand how challenging it can be to set an asking price for your home.
That’s why we offer several seller guarantees to protect your interests when you sell your home, such as our Guaranteed Sale Program.
If you want to find out more about figuring out the value of your home and how to sell it for top dollar, be sure to give us a call at 410-220-0016. You can also fill out the form on this page with the requested information to receive a detailed response from one of our experienced real estate professionals.
We look forward to hearing from you!