What Determines Your Property Value?

When you’re selling a home, property value is probably one of the first things on your mind. Property value can be mystical, but there are a few key elements that help determine your property value and help keep it realistic:

• Neighborhood data. Your first step in determining your property value when selling a home is to look at the average home value in your neighborhood. If your home is in an up-and-coming neighborhood, you may be able to get more for your property. Conversely, homes in neighborhoods that are stagnating or lacking in amenities may not be worth as much as you think.
• Check local listings. A great way to figure out your property value is to find listing of homes with similar features in your area. If a home has been listed for a month or more, chances are the asking price may be too high, so keep that in mind when selling a home.
• Ask the Internet. There are many websites online that can give you an indication of your property value. You should take this advice with a grain of salt, however, since these sites only give you an idea of what your home is worth, and may be off by as much as 10%.
• Home appraisal. Although a home appraisal can cost hundreds of dollars, it may be worth it if you’re selling a home. This is the most accurate way to determine your property value, and may be a necessary step in selling a home anyway. If you’re serious about selling your home, then this is typically your best option for a realistic valuation.
• Home features. Does your home have a new roof? Did you recently remodel the any rooms in your home? Consider all the features of your home when coming up with an accurate property value.

When you’re trying to sell a home, it’s important to know your property value so you can selling your home quickly and easily. Remember to keep your expectations realistic – in today’s housing market, your home may not be worth as much as you think.

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What Determines Your Property Value?