If you need to sell your house fast, you’ll need to perform an appraisal to determine the selling price. An appraisal reports your home’s market value so that you can set a ballpark figure within the range of the value.
However, an appraisal doesn’t always tell the whole story. Plus, appraisals don’t always get it right. So, it’s a good idea to know what appraisals cover and what you need to consider when determining your home’s value.
What Is an Appraisal?
An appraisal is an estimate of your house’s current market value. A licensed appraiser calculates your home’s value using a range of criteria, including
- Comparable properties in the area
- Condition of the house
- Square footage
- Amenities & features of the house
- Number of bedrooms and bathrooms
- The real estate market
An prevents a buyer from paying too much for a home or a seller from pricing the house too low. It establishes a fair market value that both buyers and sellers can work with.
How to Determine Your Home’s Worth
If you need to sell your house fast, an appraisal is a great starting point for determining your home’s resale value. There are also other ways you can determine what your home is worth.
Find an Online Market Value Estimator
Go to Google and type in “Home Market Value Estimator” or “How Much Is My House Worth?” Find online tools that can provide a quick home value estimate. Estimators use various factors to produce a quick estimate of your home value. It’s a great place to start when determining your home’s value. However, don’t trust it as the final word.
Ask a Realtor
A real estate agent is a great resource for finding out nearly everything you need to know about your home’s value. Many real estate agents will offer a free comparative marketing analysis on your house as a way to get your business. The only downside to using an agent is that different real estate agents have different criteria for determining a house’s market value. So, again, don’t use a real estate agent as your sole resource.
Check Your County’s Real Estate Records
Your county’s property assessor or auditor records property values based on how much you pay in property taxes. This information is typically open to the public. You can probably go online to find the information you need for your house. You can view your property’s current value and whether it has appreciated or depreciated since last year.
FHFA House Price Index Calculator
The Federal Housing Finance Agency House Price Index calculator analyzes mortgage information to project your home’s market value. The calculation is based on real estate property values in the market over a given period. It is a general calculation of the market and not an appraisal of your home.
Contact a Company That Buys Houses
If you need to sell your house fast but want to avoid a traditional home sale, you can work directly with a company that buys houses. The buyer can hire a third-party objective appraiser to appraise your house. You can save money on the appraisal and sell your house as-is for cash.
Sell Your House Fast to M1 Home Buyers
Are you selling your house? If so, M1 Home Buyers can pay cash for your house and buy it as-is. No repairs. No closing costs. No realtor commissions. Call 248-397-5800 to get a fast cash offer on your house.