Are you putting your home in the market? One of the secret to your success will be to price your home correctly. This is where the home appraisal value becomes a relevant factor. Home appraisal values is a technical term which means the value of a home in terms of money that it brings in a real estate market.
Actually, there are two home values, the value to the homeowner and the value to the potential buyer. Unfortunately, both values are emotional and not facts based on market data.
Market value is somewhere between these two emotional extremes. This is where the appraiser comes in with an objective opinion backed by market data. Market value is defined as the price a willing buyer will pay to a willing seller for a product or service. In real estate, this is known as an “arms length transaction” meaning both buyer and seller acted willingly and not under duress.
Home values are often influenced by a set of valuation parameters that includes comparable sales, replacement cost, number of bedrooms and bathrooms and other improvements. This is, in technical terms, called the comparative analysis. It involves recording and analyzing home value data from your property and potential comparable properties, selecting the appropriate comparable data, developing reasonable adjustments based on market data and applying the findings to the subject (your property). Also the lot size and the type of community in which the home is located will often influence the market price and hence the home appraisal values.
How Can We Help
Only a professional market analysis can give you the accurate, reliable foundation you need to price your home right. When you ask us to make a fair-market analysis of your home, here is what we do:
- Evaluate your home’s location and lot size; your home’s age, size and condition; the number of bedrooms, baths, total rooms; the kinds of extra feature you have (such as improvements, built-ins, garage, tool shed, spa).
- Examine the condition and appearance of your home’s exterior and interior. We can help you determine what repairs or refurbishing may be needed to sell your home at its best price.
- Review the assessed value of your home, its previous sale prices, your maintenance and utility costs and your local taxes.
- Compare your home with similar area properties currently for sale or recently sold. Only a licensed REALTOR® will have access to the Multiple Listing Service (MLS), which gives all the information needed to accurately and thoroughly compare your home to similar area properties.
- Note current real estate market conditions with a practiced eye; also fill you in on current interest rates and lenders’ criteria
When you’re ready to sell your home in Bakersfield, please take advantage of our real estate expertise to help you understand current market conditions and price your home to sell.