Admit it, you’ve probably searched your home on Zillow or another online resource just to see what it might be worth.
That’s part of the advantages of real estate these days: the accessibility of information online. It’s also part of the reason though why some home sellers are disappointed when meeting with a REALTOR about the value of their home. For reasons why you might not want to rely on that online estimate, read this blog post. To learn more about how you can estimate your home’s value, see the guidelines below. We also have a free online tool you can access here for a Nashville home valuation. But to truly get the most accurate value for your home, we suggest calling us at 615.550.5565 to speak with one of our award winning real estate agents about the specifics of your home.
What’s included in estimating home value?
Let’s begin by acknowledging that there are two different home values: market value and the assessed value. They are similar in that an expert (an assessor or real estate agent) will compare your home to others in the area that have recently sold. Your home will be analyzed for similarities and differences in square footage, size and number of rooms, and any home improvements you have made. Now, with market value a real estate agent will also take into consideration the location, supply and demand in your area, the quality and condition of the home and it’s overall curb appeal. An assessor will determine the value of your home and use a uniform percentage determined by the taxes of your area to find your home’s assessed value, which is essentially the value used for how much you will pay in taxes.
The main thing to be aware of as a seller is that the market value is subject to vary widely based on market conditions and the assessed value won’t move around nearly as much. The assessed value is also on public record, which can be both beneficial and detrimental for home sellers. If your home’s assessed value is $250,000 and you are asking $260,000 that seems reasonable to buyers. However, if your home’s assessed value is $250,000 and you are asking $300,000 buyers may wonder why the increased amount. Inevitably, the sales price will come down to how much a buyer is willing to pay for the home, even with a lower assessed value. That’s why we suggest working with an experienced REALTOR to guide you through the process of setting a sales price.