The Proper Way To Value A Home In California Works To Your Advantage
What is home value?, the maximum price that a decision-maker is willing to pay to obtain a good (A home in this case).
Establishing guidelines before someone places a value on your California property is highly important and can help in the first step to coming up with the proper home value for your benefit. You have to come up with a number that feels right and establishes a realistic starting point. Establishing that initial value requires careful research within the California market combined with educated work by a real estate agent if necessary to help guide home owners in the right direction in California today.
CALL NOW FOR ASSISTANCE WITH VALUING YOUR HOME THE RIGHT WAY IN CALIFORNIA 888-892-9805
A Comparative Market AnalysIs is the best way to help evaluate your homes value here in California.
Contact us for a local licensed real estate professional and ask them to give you what is called a CMA. Most real estate agents here in California will do this for free, as a service, with the prospect of earning your business and assisting you with the sale of your home. CMA is just an opinion keep this in mind, but it gives you the value you are looking for in order to help you set a price point to put your house up on the market for sale.
The process
Real estate values in California are established by comparing. When a property similar to yours sold for 500k, it can be assumed that your property will be worth approximately the same amount since you both are in the same area.
We will review this process below
Closed Comps
It is important to find as many comparable properties as close to the subject property as possible that closed as recently as possible. The one that is closest in model and size will carry the most weight to assist you on the value of your home.
Pending Comps
Pendings do not carry as much weight as closed comps because they have not yet happened and the value of these properties can change and that effects the sale price rapidly. What they do is give you an idea of where the market is going.
Active comps
What is not selling. Look for comparable properties that have been on the market longer than average this will assist you and give you clues as to why they are not selling and what is wrong in turn giving you an idea of what price is too high.
A few things to keep in mind
The number that appraiser comes up with is mostly the number the lender’s underwriter will approve If both you and the buyer still agree to move forward with the sale, the appraised value becomes the official value of your property at the moment the sale is recorded. Now you are a closed comp.
Formal Appraisal
An estimate of the market value of a piece of property by a qualified appraiser. Keep in mind that when a property is appraised by three different appraisers, most likely three different values will come about. Be aware that appraisals can be pricey. Currently they can be priced between $450 & $700 depending on your home location in California. When you are ready to sell your property and you have established your properties value put your property up for sale at a price slightly higher then what you think is acceptable and wait and see for at least 6 months you never know you could get lucky.
CONTACT US TODAY FOR ASSISTANCE WITH THE PROPER WAY TO COME UP WITH YOUR CALIFORNIA HOME VALUE TODAY! 888-892-9805
