If you are thinking of selling your property, then you need to discover its value. The worth of your house is determined by the market and the estimations made by a lender, agent, or a tax assessor. Various online tools can help you calculate the value of the home so that you will be prepared to buy, sell, or negotiate. Properties play a significant role in the overall financial health of a person and there are many ways to evaluate the real market price of a home.
So when it comes to homes for sale Abbotsford, here are some of the most common ways to assess the value of your home in this area:
- Make use of free online tools
The internet easily offers a multitude of free home value estimators. These estimators are known as AVM or Automated Valuation Model and are offered by various real estate sites. The AVMs predict the value of the home according to recent sales and listing prices. They take the help of facts about your home that are in public records like the type of home, the year of construction, the number of rooms, and the total square footage. Of course, their estimated values are not that accurate as a professional-grade AVM, which is why you must take the help of a real estate expert to know more.
- FHFA House Price Index Calculator
If you don’t trust AVMs, you can also use the Federal Housing Financing Agency’s House Price Index (HPI) calculator. It offers you a more scientific take on the estimate of a home by using the repeat sales method. By calculating the value against all the mortgage transactions for the last fifty years, FHFA’s HPI tracks the fluctuations of the value in the market.
- Market analysis
Once you are done with online calculations and have received an average estimate of the value of a home, you can request a Comparative Market Analysis (CMA) from your local real estate agent. The agent will provide you with their evaluation of the home and offer you a value estimate for listing purposes in little to no cost. Another simple way to judge the market value is to find out similar properties that can be comparable to yours and their recent sale value. You can learn the value of your home without spending on an appraiser, but always remember that a property might not be comparable to yours just because it is sold next door. Every estate has factors other than its location to determine the cost it has in the market. To find the perfect comparable property, look for those with similar size, landscaping, condition, and upgrades as yours since these make a difference to property buyers.
- Consult an appraiser
As the owner of a property, you can determine the estimated value of a home through an appraisal. Appraisers do that by studying several factors. They take a look at the neighborhood and region you live in and note down the characteristics of the house. They also compare it with properties that are already listed in the same market to find out how well your house fares against them. Finally, they combine all of these determinants and come up with the final estimation of the home in an official report.
Once you have completed all these methods to estimate the value of your home and you consider selling it, you will have to contact a professional agent. Professional agents are equipped with detailed information and have access to MLS listings– Multiple Listing Service (MLS) database of homes for sale in the area.
For homes for sale Abbotsford, there are many reputed realtors who can help you with your home buying and selling based on their real-world experience.