There are many variables that are important to consider when determining your home’s property value. Location, condition of the home, and interest rates are just a few of the factors that could affect the value of your home. The toughest part about trying to determine property value is that even if you understand what factors to look at, one has to understand how to interpret that information. However, there are several steps that you can take to get a better feel for what your house is worth. 

1) Pay Attention to Property Values in Your Area

The first step that you need to take when determining your home’s property value is to study the selling prices of similar properties in your area. The important thing to remember is that you must compare apples to apples. Look at properties that are alike in size, configuration and condition preferably in neighborhoods and cities that are similar to yours. Talk with your colleagues, friends and family and ask what they sold their properties for. Note that your peers are not experts, but asking could be useful for basic information about your area’s property values. 

2) Visit House Showings

The second step in helping you figure out your property value goes hand in hand with the first step. Another way to study the prices of the property values in your area is to visit showings of other properties that are being sold in your area. Make sure to ask the owner what the listing price of the property is to get a better understanding of what your own house is worth. Going to showings will also help you to find out the condition and configuration of other houses in your area.

3) Study Home Value Estimators on Real Estate Websites

The next step to finding your property value is to visit real estate websites that have property value estimators for specific areas and properties. There are many websites that have exceptional information and features that can be useful in helping you buy, sell, rent your property. What you are going to do is simply browse the listings of the houses that are on the website. Still using the apples to apples tactic, make sure you look at properties with similar square footage, number of rooms, neighborhoods, and condition as your own home. 

Some websites can also give you an estimate of what your house is worth if you input information about your property including the address. The estimate will be based on data that you input, comparisons from properties that are similar and statistical information. Before using a certain website, make sure to do some research about the different resources the website uses. A couple of reasonably reputable websites include Zillow and Trulia.

4) Check the Federal Housing Finance Agency Index

Another optional step for determining your home’s property value is to check the Federal Housing Finance Agency Index. The Federal Housing Finance Agency is a government agency that has collected housing prices from properties across the country since the 1970’s. It has tons of information and it is very simple to use. Enter in the data that it asks for and it will tell you how your house has appreciated or depreciated from the time you bought it to the current period. However, there is a caveat with the FHFA index. It does not take into account individual property information which often affects home prices, so it may not be completely accurate.

5) Hire a Professional

The fifth and final step for determining the property value of your house is to speak with a realtor or an appraiser. A realtor is a licensed person that can help you buy or sell your home. An appraiser is someone who specializes in the technical aspects of properties and the real estate market who gives professional reports on home values. Hiring a professional is the most reliable way to discover your home’s property value.

Many people will end up hiring both a realtor and appraiser. This is because realtors make the selling process much easier and can help you get the most for your home and an appraiser can give you the most exact opinion of what your home is worth in the current market. If you have the means, it may be a good idea to get multiple opinions from different appraisers. If you are only going to hire one person, it would be advisable to hire a realtor because a realtor can help you jump through every hoop on your selling journey.

Let Besst Realty Help You in Determining Your Home’s Property Value

Make sure to do your research ahead of time when determining which professionals to hire. Here at Besst Realty, we have many resources available to you. We offer the best of the best services to help you begin your selling and buying processes as well as tips for all your real estate needs. Not only can we help you discover the market value of your home, but we can help you sell your home for the greatest price possible. Contact us today!

With property value increasing in the state of Utah, many people are wondering what the best step is to selling their home. In fact, you might be wondering, should I sell my home myself or should I get a realtor? In this article, we provide you with 4 reasons why you should get a realtor to sell your home.

4 Reasons Why You Need A Realtor to Sell Your Home

When it comes to selling your home, there are a lot of factors to consider. From legal issues to the staging of your home, we want to share with you why having a realtor is important. Here are four reasons why you should get a realtor when you want to sell your home. 

1. There are legal issues related to selling your home

Selling your home comes with legal issues. For example, there are many legal documents that need to be complete before selling your home. In the state of Utah, you need purchase of agreement and any addendums. You also need closing statements, affidavit of title, bill of sale, and other documents. It’s important that you have a realtor look at your documents to make sure that everything aligns. It’s also important to make sure that you’re getting your needs met depending on the contract or documents that you compose. 

2. Your home may have imperfections that needed to be fixed 

As Thomas Jefferson once said, “Honesty is the first chapter in the book of wisdom.” A lot of times, people ignore the imperfections that need to be fixed before selling their property. For example, if there needs to be new tiles or hardwood floors, a realtor would be honest with you so that you can get the most from your property. But if you’re selling the property on your own then you may feel like fixing certain blemishes aren’t crucial to selling your property. That’s because a realtor is a professional and will be your accountability partner. Your relator will let you know when things need to be fixed and when they should be left alone. 

3. You may need help with staging your property

Oftentimes, property owners assume that they can stage their property on their own. The reality though is a realtor will know what type of staging works best for each property. For example, taking out personal items. The reason why taking out personal items is important is so that your potential buyer can see themselves living at the property. Too many personal items can make it difficult for your potential buyer to imagine themselves living there. Another example of staging techniques that realtors will know how to work with is how to use furniture in a small or large room, how to enhance the home’s appeal, and how to deemphasize imperfections rather than calling them out unintentionally. 

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4. Your realtor is an expert

Your realtor is an expert in selling homes, whereas you are not an expert. Your realtor has experience in getting the most out of the selling process and can help you with negotiating the right price. Additionally, your realtor will:

• Consider potential buyer’s background and ability to purchase the home
• Use their extensive knowledge and experience to draw more buyers
• Link you to their network of people that they know 

Besst Realty Group is an expert in real estate in Utah

If you’re in Utah, Besst Realty Group can help you get the most from selling your home. We would love to talk to you about your options. We would also love to address any questions or concerns that you may have. Reach out to us for more information. We look forward to to hearing from you and helping you with selling your home.