If you've never sold a house before, navigating the process as a seller will be a unique experience. While a real estate agent can help you understand the laws and regulations you need to consider, it's up to you to work on the property value. If you're selling your house soon, here's what you should know about the property value, so you can get the best deal possible.
What You Should Know About Property Value
What is property value?
Property value is how much your home, land, and other structures are worth. Knowing this figure is essential if you want to sell or refinance your house.
How do I know the value of my property?
You can find home value estimators online that will give you an estimate based on sales data, comparable properties, and tax assessments. However, since the amount of data is low, the estimates can be inaccurate.
The FHFA calculator, from the Federal Housing Finance Agency, uses a scientific approach for predicting the appreciation of your house. What it doesn’t take into consideration, however, are any improvements you’ve made since purchasing it.
If you’re selling your house, you can have a CMA, or competitive market analysis, completed by your real estate agent. This will take into consideration many local factors and can help you come up with a listing price.
What can I do to increase the property value?
Several projects can increase the value of your property. These include improving curb appeal, updating the kitchen and bathrooms, and increasing energy efficiency.
If you plan on making improvements before selling your home, invest your money in projects that will bring a higher return. If you’re not sure what these are, contact a local real estate agent; they’ll know what buyers in your area are looking for.
What can negatively affect my property value?
In general, when property values decline, it’s because of changes in the overall housing market. Unfortunately, there’s not a lot you can do about this.
Other factors that may negatively affect the property value are projects that reduce the number of bedrooms or bathrooms in your home and not keeping up with basic maintenance.
If you’re ready to sell your house, contact the agents at Lawrence Realty Inc. This third-generation, family-owned and -operated business has been serving the Red Wing, MN, area since 1948. They are committed to providing fantastic customer service and will stand by your side throughout the selling process. Visit their website to learn more or call them at (651) 388-4745 to speak to an agent.