17 Aug 3 Ways We Determine Home Value
One of the top questions we receive at Buck Buys houses is “How much is my house worth?” While there are many internet sources claiming to help you find the value of your home, there’s a lot more that goes into evaluating a home. The most important factor in determining value is comparing, which sounds simple, but actually involves a complex web of factors.
When you sell your home, you are selling more than a structure, you’re also selling the land that the house is built on. Some land is worth more than others, and not all lots are the same size. When we assess your home, we look at the market in your local area, as close to your home as possible. The more specific the better, because we are local we have intimate knowledge of houses in your area and have experience buying and selling in your neighborhood.
Compare to Active Listings
Real estate is constantly changing. The market can fluctuate from week to week, especially in the most recent Seattle market, which is beginning to level after years on a steep incline. One of the most important aspects in determining the value of your home is to look at the neighboring houses that are currently active on the market. More importantly, find houses that are similar to your own, that are currently active. This provides a general gauge for what other houses are asking – however, be mindful that this does not indicate the actual sale price.
Compare to comparables. This simply means that you compare your home to other homes that are similar in materials, style, year, etc. For example, a home built in 1950 is going to be made with very different materials than a home built in 2010. Older homes have a lot more wear and tear over years of use than newer homes. This plays a large factor in the value of the appliances, electrical, plumbing, etc.