Are you planning to sell your house in Baltimore County, but don’t know how to determine its market value? If so, you’re not alone. “What is the exact value of my home in Baltimore County?” is a common question among home sellers in the area.
Figuring out the exact value of your home is essential if you want to set a listing price that appeals to home buyers. So, how can you find how much your home is worth?
At Your Home Sold Guaranteed Realty - Vinny Steo, our Baltimore County real estate team is here to help. In this post, we’ll discuss several methods for determining the worth of your home. We’ll also explain the difference between appraisal value and market value to give you a clearer understanding of your property’s value.
Why Should I Figure Out the Exact Value of My Home in Baltimore County?
Understanding the precise value of your home is critical if you want to appeal to a broad range of home buyers. Setting the price too high may scare off potential buyers, while underpricing your home could result in missing out on thousands of dollars in potential profits.
You might think you can get away with pricing your home slightly higher than others in the neighborhood. However, remember that buyer’s agents advise their clients on the average home prices in the area. So if your home is overpriced, buyers will be able to tell and may move on to other options as a result.
Your home’s market value isn’t the price you originally paid for it. To determine the market value of your home, you’ll need to calculate it, either by using online tools or working with a professional.
But before you start this process, it’s important to recognize there are two ways to measure value: appraisal value and market value. Your home’s appraisal value could be different from its market value based on factors like upgrades, renovations, or other unique features. Meanwhile, your property’s market value is determined by factors such as location and exterior appearance.
Based on market value alone, home buyers may not be able to tell that your home has certain renovations that make it worth more than other properties in the neighborhood. Only a home appraisal can take these factors into account.
It’s important to understand the difference between these two concepts before calculating your property value.
Appraisal Value vs. Market Value
To determine the appraisal value of a home, you have to hire a professional home appraiser. The appraiser will consider various factors to calculate how much your home is worth, such as the current housing market conditions and specific features, like 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.
How Should I Find the Exact Value of My Home in Baltimore County?
There are several ways that you can figure out the exact value of your home in Baltimore County. These methods include:
Online Valuation Tools
Many companies offer online valuation tools which are either free to use or require a minimal fee. However, make sure to use these tools 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 County 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 County, 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 sellers recently listed or 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. You can find comps 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 County.” That way, you can determine a reasonable yet competitive asking price.
Which Realtor Can Help Me Find The Exact Value of My Home in Baltimore County?
If you need to find the value of your home in Baltimore County, 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!
