If you’re thinking about selling your house, you naturally want to know how much it’s worth. Numerous websites estimate home values, but the figures they provide can be inaccurate for multiple reasons. A real estate agent who has experience serving your area can give you a much more accurate figure.
An Online Estimate May Not Consider Several Key Factors
Estimates available online are based on general information, such as the average price per square foot for houses in an entire ZIP code. Websites that estimate home values don’t have access to specific information about your house, such as the types of upgrades you have made and how well you have maintained it.
If you have made home improvements that will appeal to a large percentage of prospective buyers and have taken good care of the property, your home’s value may be much higher than any online estimate would be. If, on the other hand, your house is outdated or you neglected maintenance for years, its actual value may be much less than an estimate.
Online estimates also may not consider important information about the neighbourhood. For example, if your neighbours don’t maintain their properties, that can affect the value of your house.
A Real Estate Agent can Perform a Comparative Market Analysis.
Your home’s value will depend on local real estate market conditions. The prices that comparable houses have sold for recently will affect the amount you will get for your home. Online resources may not have enough data on comparable sales to give a reasonable price estimate for your home. Still, a local real estate agent will have access to a trove of information and will be able to take that into account.
An agent can compare your home’s size, features and condition to those of other houses sold in the past few months. A local agent will also know about changes expected to occur in the area shortly. For example, if a large company plans to open a facility nearby or if a major housing development is in the works, those types of changes can affect property values.
Rely on a Local Real Estate Agent
If you want to sell your home, speak with a real estate agent about its current value. Familiarity with the area can perform a comparative market analysis and help you set an appropriate asking price that can be justified based on detailed local information.
