Consult a Realtor
More often than not, your local real estate agents will offer pro-bono or inexpensive assessments of your home’s value. Turns out, it’s a win-win arrangement. Select a Realtor for the valuation just as carefully as you would pick the agent who will actually list and sell your home. Incorporate online reviews, recommendations from neighbors and friends, and always meet face-to-face with agents you’re considering working with. After all, taking the time and attention to find a great Realtor at this stage will give you a leg up when you’re ready to list your home on the market–you’ll know exactly who to call. And that’s exactly what the Realtor is hoping for in exchange for assessing your property value.
Realtors will determine how much your home is worth based on what’s been selling lately in the neighborhood and for how much, taking into account the specific features and condition of your home. Also take advantage of the opportunity to get customized recommendations for renovations or improvements that’ll get the biggest boost in home value per reno dollar spent.
Gauge by (close) comparisons
If you’re curious to learn new skills, or just find it more convenient to do an independent analysis of your home value, you’re in luck! All the info you need is publicly-accessible, usually via the same online resources that provide free estimate calculators for your own home. Only with this method, you’ll use data from comparable homes (also known as “comps”) in your vicinity. First, you’ll need to identify the best comps that are as close to your home as possible–both literally (in location) and also with respect to size and features of the home.
Once you’ve identified comparable properties, figure out if any of them have sold recently and for how much. The sale price of a home is the best gauge of its actual value at that time. If none of your comps have changed hands recently, their estimated property values will always work well enough to approximate how much your own property is worth. Finally, after coming up with a rough figure for your home value, consider the specific features your home has to offer. Did you recently upgrade your kitchen with the latest high-end appliances, add on an extra bedroom, redo the bathrooms, or install energy-efficient features (windows, appliances, etc)? These can all translate to an increase in your property value over the rough estimate, especially if they set your home apart from its comps.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367