How to Valuate Your House
Curious what your house is really worth? Whether you’re looking to sell soon or are interested in boosting the value of your home, getting an accurate valuation of your property is essential. With that valuation, you can determine an appropriate asking price for your house, as well as make smart decisions about any repairs or renovations you’re looking to pursue.
So how exactly do you go about getting an accurate valuation of your house? Read on to learn about several different ways you can estimate the value of your home. When you’re ready to sell, give We Buy Salt Lake City Houses a call.
Get an Offer From a Cash Home Buyer
Are you thinking about listing your property? Do you need to sell your house fast? Are you curious what your house is worth in as-is condition? If so, you can request a no-obligation offer from a cash homebuying company (aka a real estate investor).
The buyer will schedule a time to perform a brief, in-home assessment, during which they’ll evaluate the layout and size of your home, the condition of the property, and several other factors. Since these types of buyers are real estate investors, they’ll also perform extensive in-office research to properly valuate your home given current market conditions.
Once the buyer gathers all the details required to put together an offer, they’ll present you with an all-cash offer for your home in as-is condition. You’re under no obligation to accept that offer or even entertain it, but if you do need to sell your house fast, this is the quickest way to do it.
Pay for a Professional Appraisal
Hiring a professional appraiser is the most accurate way to valuate your home. And because the appraiser will perform extensive research to generate an official number, you can expect to pay a few hundred dollars for this service. Appraisers look at several factors to accurately determine the value of homes, including:
- The value of comparable homes that have recently sold in your area.
- The neighborhood, municipality, and region in which your property sits (and how desirable the area currently is or is projected to be).
- The condition of your home, any improvements you’ve made to the land or structure, and the unique characteristics of your house.
When you get a professional appraisal, you’ll be given an official report, which you can then use to determine an accurate listing price for your house. If you’re planning to sell on the open market, lenders require an appraisal before they’ll approve a mortgage, so having this report on hand could help expedite the selling process.
Use a Digital Home Value Estimator
Getting a preliminary valuation of your home is as simple as searching “how much is my house worth?” online. That search will yield dozens of results for do-it-yourself digital valuation tools that use public records and mathematical modeling to determine an estimated value for your home.
All you’ll need to do is enter your home address into one of these tools, and it’ll automatically generate a number. But keep in mind that since digital valuation tools are primarily designed for realtor lead generation and marketing purposes, they’re not always super accurate.
Ask for a Comparative Market Analysis
Lots of local realtors offer a comparative market analysis (CMA) for a nominal fee, and some even offer the service for free. But keep in mind that realtors typically offer this service in the hopes of securing more business, so if you’re not quite ready to sell, this option may not be your best choice.
If you request a CMA, the realtor will use automated valuation models, along with public records, and the value of recently sold homes in your area to determine your home’s fair market value. This type of valuation isn’t quite as accurate as a professional appraisal, but it’s definitely more accurate than using an online tool.
Looking to Sell Your House Fast? We Buy Houses for Cash in Salt Lake City
If you’re looking to sell your home, our team at We Buy Salt Lake City Houses would love to help you out! We buy houses in any condition, and we never charge commissions, closing costs, or transaction fees. When you work with our team, you can sell your house in a matter of days, and we’ll pay you in cash when we close.