Planning to sell your house in Harford County? If so, you might be wondering, “What is the exact value of my home in Harford County?” Determining the value of your home is the first step to a successful home sale.
Without knowing your property value, you won’t be able to set a reasonable asking price that attracts home buyers. However, many prospective home sellers are uncertain about how home value is determined.
In this post, our Harford County real estate team at Your Home Sold Guaranteed Realty - Vinny Steo will discuss home value. We’ll break down the difference between appraisal value and market value, and discuss several methods for determining your home’s worth.
Why Do I Need to Know the Exact Value of My Home in Harford County?
Knowing the exact value of your home is crucial. Especially if you want to appeal to the maximum number of home buyers. For example, pricing too high will scare home buyers away.
Buyer’s agents advise their clients on the average home prices in the area and what features justify a higher price. This means home buyers will know if your home is overpriced and move on to other options.
However, underpricing your home means you risk losing out on thousands of dollars in potential profits.
For most homeowners, their home’s market value isn’t a number they would know off the top of their heads. And it’s not the price they originally paid for the home. To figure out market value, you’ll have to take the time to calculate it. You can do this by using online tools or working with a professional.
But before you start determining your home’s exact value, you have to keep in mind that there are multiple ways to measure value. Your home could be worth one amount based on upgrades, renovations, or specific features of the home. This is known as appraisal value. But your home could also have a different market value based on things like its exterior appearance and location.
It’s important to understand the difference between these two concepts before figuring out the exact value of your property.
How is Appraisal Value Different From Market Value?
Appraisal value can only be found by a certified home appraiser. The appraiser will analyze the current housing market conditions as well as specific features of the home to determine its worth.
Usually, an appraisal is conducted by the home buyer. That’s because an appraisal is typically requested by a lending or banking institution from which the home buyer is hoping to obtain a mortgage loan. They 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? 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 Methods Should I Use to Find the Exact Value of My Home in Harford County?
There are several ways that you can figure out the exact value of your home in Harford County. These methods include:
Online Valuation Tools
Many companies offer online valuation tools which are either free to use or require a minimal fee. These tools, however, need to be researched and 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 Harford 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 Harford 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 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. However, 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 Harford County.” That way, you can determine a reasonable yet competitive asking price.
Who Can I Work With to Find The Exact Value of My Home in Harford County?
If you need to find the value of your home in Harford 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!