Real Estate Value
There can be many reasons that a homeowner needs to know the value of their home. Buying or selling, appealing a tax assessment, eliminating PMIs, or starting a major home remodeling projects are all reasons for getting a property appraisal. A professional company such as Regency Property Appraisers in the New Jersey area can use market data and help a homeowner determine a fair market price for the home. Determining the value of your home may also help you decide whether or not you want to sell the property and whether or not it is retaining its value. There are several ways to find a ball park figure before ever calling appraisers like Abbe Edelman. Here are a few ways a homeowner can find the estimate of their home’s worth.
Look Around the Neighborhood
Think about any properties which have sold in your neighborhood in the last year or so. If they are similar to the one you presently own you can find out how much it sold for. Take down the address and contact your local county recorder’s office to find out how much the property actually sold for. This is a matter of public record and is available to anyone. Sometimes the county recorder has a website where this information can be obtained, but many times it can take months before the information is posted and available. By comparing recent sales in your neighborhood you can make an estimate of your home’s worth. For example, if a house that is about the same size as yours and is similar the price will also be comparable. Your estimate can be adjusted based on the relative sizes of the other homes.
On Line Estimators
There are many real estate sites which include a home value estimator that is available for free. It is important to choose a real estate company which is in your region. For instance if your home is in New York, you will want to find a real estate company which is located in New York or New Jersey. The estimator will ask quite a few questions about the home like square footage, number of bedrooms and bathrooms, when it was constructed and so forth. After the information is entered it will offer an estimated fair market value for the property. It may also list some properties that are for sale in the same general vicinity.
Understanding Home Values
It can be very useful to have a good understanding of what influences the value of a home. A home will have an inherent value which is the architecture, landscaping and quality of construction, but property value can depend on many other factors such as the community and neighborhood where it is located. Other factors which directly influence home value in a region include the quality of schools, transportation possibilities and other amenities like parks, libraries, and bike paths. Even the zoning and plans for community development can have an effect on a property appraisal. These must all be considered when you are estimating the fair market value of your home.
Indirect factors can also influence housing values. Any change in the local or national economy can cause a shift in the prices of home. Demographic changes can also be influential. For instance larger metropolitan areas may grow at a faster rate and create quite a competitive atmosphere for new residents who are trying to find housing where it has become limited. But smaller towns and cities may have prices which remain low since so many are moving toward metropolitan areas. Disasters such as hurricanes, wildfires and earthquakes can also influence home values. All of these factors must be taken into consideration when determining a reasonable valuation of a home.
