Selling a home, regardless of the geographic location, is a time-consuming process with many steps and essential things that need to be done before the final closing papers can be signed. Many home sellers quickly get overwhelmed with everything and become frustrated. That is why it is important to work with an experienced real estate professional who can assist you every step of the way. This includes important factors regarding the listing and sale of the home such as the house’s worth in Pinellas.
When you know the value of your home, you will be more confident in choosing an asking price to put in the listing and expecting home buyers to actually make an offer that is close to, if not over, that asking price. To make sure that you have the most accurate information and a solid estimate of home value, experts in the industry are your safest bet. At Your Home Sold Guaranteed Realty – Yamil & Keith Winn, our real estate team will guarantee you have the information you need and understand the home selling process. That is why we have put together the following guide.
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What Is a Home’s Value?
We will start by discussing exactly what a home value in Tampa Bay is and the ways in which it affects your home selling process. With a firm understanding of this concept, you will more clearly comprehend the rest of the information in this guide.
Home value is basically the amount of money that your house and property could gain you from the sale. A variety of important factors play vital roles in determining your house worth in Tampa Bay, including:
- Size of the home and property
- Layout and design of the house
- Condition of the interior and exterior
- Age of the home
- Features and amenities
- Upgrades and renovations
- Comparable home sales in the neighborhood within the last 6 months
Once a professional in the real estate industry has evaluated your home using these factors, you should feel confident that you have an accurate and reliable estimate of your home’s value in the current, local market.
How Do I Determine How Much My House Is Worth in Tampa Bay?
With this firm base of knowledge as to what a house value means, we can now talk about the ways in which it is determined by real estate professionals. There are a few different ways to estimate home value, and each one comes with its own benefits and drawbacks. The first method that many home sellers will use is to simply examine the current local real estate market and situate their homes within that market. It can give you a very basic idea of what your home could be worth, should you sell it.
A second, and slightly more accurate, method to determine house worth is to use valuation tools and websites such as the Zillow Zestimate. Many of these tools are free to use and quite simple for any user. Even though the estimate you receive will be more accurate than the first method, there are still accuracy issues with these websites. Many of those factors listed above are incorporated into the estimate as long as there is sufficient public and privately submitted data.
Thirdly, you could hire a professional appraiser to visit your home and complete a thorough analysis of your house and property. This will give you the most accurate and reliable estimate of house worth, given the current real estate market. It is an excellent method because of the experience and expertise brought to the valuation process, but it is not cheap. Professional appraisals can be quite expensive, so you should really consider whether or not you need to have one done since many home buyers will have to get one completed for their lenders.
What Should I Know About Local Market Conditions?
There are lots of things that the average home seller should know about the conditions of the local real estate market, but these things are not always obvious or easy to find out. To determine your current home prices and house worth, start by familiarizing yourself with the local area as well as recent home sales data so that you have a solid comparison for your house and property. Make sure the homes you are looking at are actually comparable to your own!
It is also important to understand how supply and demand can affect your success in the real estate market. If the market is in your favor – a seller’s market – then it is a good time for you to sell the house and expect to make a solid profit. If it is a buyer’s market, it may be better that you wait until the market becomes more favorable for you.
Are Online Valuation Tools and Websites Accurate?
Online valuation tools and websites need to be individually evaluated with a discerning eye before home sellers can trust the results they receive. Although they are usually easy to use and are convenient, the accuracy issue can be problematic. Remember, the accuracy of the tools relies on publicly available or user-submitted data. The Zillow Zestimate, as an example, is very easy to use, known for its accuracy, and highly dependent upon the information submitted and available.
To get your home value in Pinellas using the online tools, simply input the address of your home and, perhaps, answer a few questions about the house. Once completed, the system will do the rest, and you will have the resulting valuation in hand before you know it.
How Accurate is Zillow Home Value?
Many home sellers choose to use Zillow’s home valuation tool and want to know just how accurate the resulting number will be. After all, they will be using that information to determine their asking price in the real estate listing. If you are deciding whether to use Zillow, it is important to be aware of the error rate that is inherent to these tools.
Zillow’s program uses data that has been collected and submitted for the house, so there will be a clear error rate. According to Zillow, the “median error rate for on-market homes nationwide is 3.2%,” depending on the availability of data in a specific location. The error rate increases for off-market homes (7.52%), but this is because the availability of information is dramatically reduced for these types of homes.
Which Home Valuation is Most Accurate?
It can be difficult for an average home seller to determine which information is reliable and accurate when dealing with these home valuation tools. While they are easy to use, the accuracy of them definitely tends to be a major problem. That is why it is highly recommended to work with a real estate professional who can provide you with insider information and an accurate home value in Pinellas.
Online valuation tools only use publicly available or user-submitted data. Keep in mind, then, that the home value in Pinellas, as determined by these tools, will be based on the availability of that information. It can raise or lower the value, so it is best to consult with a professional before taking any further steps with value or listing price in the home selling process.
Do I Need to Hire a Professional Appraiser?
As a general rule, home sellers do not need to hire a professional appraiser because home buyers will usually be the ones who have to get an appraisal done. The lenders require it to ensure that the loan amount is not higher than the actual value of the house before they approve the loan. If you want a 100% accurate house worth in Tampa Bay, the professional appraiser is your best option.
Once you have hired the appraiser, that person will visit your home, gather the necessary information, and use that information to develop their highly accurate estimate. Obviously, the factors listed above will also be incorporated.
Be sure to keep in mind that the appraisal will not be free and could be quite expensive. You need to evaluate whether or not you need the appraisal and figure out the cost-benefit ratio for getting it. With the appraisal in hand, though, you can show potential home buyers that the asking price is fair and reasonable.
Is Fair Market Value the Same as an Appraisal?
Fair market and appraisal values are not the same concept and shouldn’t be used interchangeably. The appraised value is determined with all of the contributing factors incorporated into the appraisal so that a home value can be figured out. However, the fair market value is the price that a home buyer would willingly pay for the house, if you decide to sell. Market conditions and other factors can adjust the fair market value.
How Much Are Homes Appraising for in My Area?
According to Redfin, the current average selling price for homes in the Pinellas area is $268,750, a 4.2% increase since last year. The current market in Pinellas is considered somewhat competitive, so homes for sale usually receive multiple offers. Unfortunately, those offers on average homes will often be about 2% below asking price and hot homes will only sell right at asking price. It will likely take longer than expected for a house to go from “For Sale” to pending (about 29 days). On average, homes get about 98.1% of their listing price.
Should I Hire a Real Estate Agent?
No matter what stage of the home selling process you are in, it is to your benefit to work with an experienced and skilled realtor. This includes getting an accurate home value in Tampa Bay. With a real estate professional’s expertise and knowledge of the local real estate market, you can rest assured that you will have all of the information, resources, marketing, and tools you need to succeed. That is why our team at Your Home Sold Guaranteed Realty – Yamil & Keith Winn does everything necessary to assist you.
Our realtors know the importance of having an accurate home value in Tampa Bay because it will help you sell your home as quickly as possible and for top dollar, guaranteed! We will offer you information including comparable homes in the area, sales numbers, and real estate market trends, and this is why we want to give you access to all of our resources. Additionally, we are happy to speak with you and answer your questions and address your concerns so that you have the easiest and least stressful experience.
If you decide to interview realtors (an excellent idea before hiring one), be sure you ask them what factors they include in the valuation, how long it will take to determine the value, and how close to the asking price you can get using the home valuation estimate.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
How Can I Improve My House Value?
After having a house valuation completed and a number attached, it can be very difficult to change an already-high value. That would require you to make significant changes in the home that would increase the value. This can be accomplished by increasing square footage through an addition or finishing a previously unfinished area of the house such as the basement or attic.
Maintenance is also critical when keeping your home value in Tampa Bay high because curb appeal means a lot to home worth. If regular maintenance and upkeep are not completed, you can quickly lose house worth. Be sure you are also staying informed about the local real estate market trends so that you know how much others have been selling their homes for in the area. There is plenty of information online and on real estate forums that can be used to figure out the ideal ways to increase your home value in Pinellas.
Can a Realtor in Ocala Determine My House’s Value?
Yamil & Keith WinnYes! A realtor can absolutely help you find your home value in Pinellas and use that information to ensure you set the right asking price in your listing. Our team at Your Home Sold Guaranteed Realty – Yamil & Keith Winn will also ensure you know all of your options throughout the home selling process. We have the skills, experience, and knowledge of the local market to ensure you sell your home quickly and for top dollar. Our team also uses the strongest marketing strategies so that you can rest assured that your home sells as fast as possible.
When you are ready to put your home on the market and begin your home selling journey, give our team a call the best North Central Florida realtors at 727-353-6636. We will be happy to answer any questions and address all of your concerns to make sure you are comfortable and confident in your decisions throughout the process.
We look forward to hearing from you and helping you begin your real estate journey!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
More Frequently Asked Questions About Home Valuation
How is my home’s value determined?
Home value is determined by several factors, including the property’s condition, recent renovations, location, neighborhood, and current housing market trends. Appraisers typically use the three most recently closed comparable sales within a one-mile radius to help determine value.
What is my home worth?
This is one of the most important and complex questions in real estate. The answer depends on various factors and often requires a professional appraisal or comparative market analysis.
Do I need to get an appraisal?
While not always necessary, appraisals are often required for mortgage lending transactions. However, they can also be useful for other purposes such as estate planning, divorce proceedings, or preparing to sell a home.
How do home improvements affect my home’s value?
Improvements and renovations can increase a home’s value, but the impact varies. Appraisers will want to know about any improvements made, when they were completed, and their cost. However, it’s important to note that the increase in value rarely matches the full cost of the improvements.
How does the current real estate market affect my home’s value?
Market conditions play a significant role in determining home value. Factors like recent sales of comparable properties, supply and demand in your area, and overall economic conditions can all impact your home’s worth. Appraisers and real estate professionals consider these market trends when assessing value.
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