Wondering how to estimate the value of your home in Ocala, Florida? Knowing how to estimate your home’s value is essential if you want to price it competitively and maximize your profit. However, doing so requires the help of a professional realtor or appraiser.
In this post, our realtors at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss the methods realtors and appraisers use to determine your home’s value. That way, you can understand what goes into your home’s market value and better prepare for the sale process.
- If you’re just starting the home-selling process and want a rough estimate of your home’s value, use online valuation tools.
- To find your home’s market value, your realtor will start by performing a comparative market analysis (CMA).
- Features such as a new roof, updated kitchen, or renovated bathrooms can add value to your property and justify a higher asking price.
How Can You Estimate the Value of Your Home?
Use Online Valuation Tools
If you’re just starting the home-selling process and want a rough estimate of your home’s value, use online valuation tools. There are several online valuation tools and calculators that can provide estimates of your home’s value based on public records, sales data, and market trends.
While these tools can be a helpful starting point, it’s essential to take their estimates with a grain of salt and verify them with a realtor. Online valuation tools can’t accurately account for the unique features or condition of your home. They also can’t factor in the impact of off-market properties on home prices.
Research Comparable Sales
To find your home’s market value, your realtor will start by performing a comparative market analysis (CMA). A CMA analysis is based on examining the sales data of recently sold and currently listed homes that are similar to yours in terms of square footage, style, age, location, and condition. Factors such as the number of bedrooms and bathrooms, lot size, and any upgrades or renovations are also taken into consideration.
You can find comparable sales yourself on websites like Zillow and Realtor.com. However, your realtor will have access to the most up-to-date data and exclusive databases that have the latest listings in the area, including off-market homes. This means a realtor can provide you with a more accurate value estimate for your home.
Assess Market Conditions
Take the current state of the real estate market in Ocala into account when estimating your home’s value. Factors such as supply and demand, interest rates, and local economic conditions can influence property values. If it’s a seller’s market with high demand and low inventory, you may be able to price your home slightly higher.
But if it’s a buyer’s market with more inventory and less demand, you may have to set your asking price lower than you expected. Ultimately, the best way to learn about the current housing market trends is by working with a realtor.
Consider Upgrades and Improvements
Evaluate any upgrades, renovations, or improvements you’ve made to your home since you purchased it. Features such as a new roof, updated kitchen, or renovated bathrooms can add value to your property and justify a higher asking price. Be sure to factor in the cost of these improvements when estimating your home’s value, as well as their impact on the overall marketability of your home.
Get an Official Appraisal
Usually, buyers are required by their lenders to hire a professional appraiser to evaluate the home. However, you can also hire an appraiser if you want to know your home’s exact market value. An appraisal conducted by a licensed appraiser provides an unbiased and accurate assessment of your home’s value.
Appraisers also often provide recommendations for improving the value of your home based on their assessment. This feedback can help you cost-effective improvements you can make to increase your home’s value and marketability.
Finding the Value of Your Home is Easy with Scott Coldwell
Estimating the value of your home in Ocala, FL, requires careful research, analysis, and consideration of various factors. That’s why it’s important to pay attention to which realtor you hire. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team can easily help you discover the market value of your home and help you prepare for a successful sale.
Our track record of success is proven through our data– on average, we sell homes 48% faster and for 2.4% more money than our competitors. Plus, with our seller guarantees such as our Guaranteed Sale Program, you can ensure a risk-free home-selling experience.