Do you know how to determine the TRUE market value of your home or property in Baltimore? Whether you are selling your house or not, its a good idea to keep tabs on the value of your home. We can help! Learn how to do it in our latest post!
Many sellers think they know what their house is worth but in many cases, their numbers can often be off. It is never as simple as relying on Zillow or your property tax appraisal to tell you exactly how much your house will sell for. Before you decide whether to sell your house directly (FSBO) or hire a real estate agent, you’ll want to determine on your own what your home is worth. There are a few things you can do to get an accurate value of your house in Baltimore.
1. CMA (Competitive Market Analysis)
A Competitive Market Analysis or CMA, are often prepared by real estate agents, however, it isn’t anything that you can’t do on your own. A CMA will take information from recently sold properties in your area, and provide you with an estimate on what your house should currently sell for. The information can be found on any site that shares MLS data such as Zillow or Trulia. You should look at at least three similar properties, comparing them to yours, and adding and subtracting for things like the number of rooms, lot size, and square footage. Average out the sale prices to determine a good base point for the value of your house in Baltimore. Many agents will provide you with a CMA free of charge, with the hope of getting a new listing. Just make sure that there is no catch, obligating you into a listing you don’t really want or need.
2. Online Calculators
There are many great tools out there that will help you determine the value of your home. These calculators can only work based on the information that you provide, so make sure your facts are accurate. Some of the sites you can use include Chase, Zillow, Redfin, HomeGain, Remax, and Realtor.com. Make sure to look at a few of these sites, so you can compare the numbers and determine an average. No site is completely fool-proof, and your value might vary a bit from site to site. The calculators may tell you one thing, but at the end of the day it really comes down to the supply and demand in your area.
3. Hire an Appraiser
When you are still questioning the value of your property, hiring a local appraiser can give you the professional opinion you need. An appraisal can be performed for just a few hundred dollars and will give you valuable insight into the value of your home. Before choosing an appraiser for your property, take some time to do some research. What are their experience levels and specialities? Many sellers will schedule appraisals and inspections before putting their homes on the market in Baltimore. This will help them to know what their property is worth and what challenges they might run into once a buyer is found. A professional appraisal can also help if you are challenging the amount that you are being assessed for in property taxes. Many times people will feel as if they are being charged too much for their Baltimore property taxes. Having an appraisal done by a licensed Baltimore area appraiser will help you effectively challenge your local property appraiser if you find it necessary.
4. Watch the Market
Property values fluctuate all the time. You can often discover trends when you study home values over time. Your property may be worth more in the summer than it is in the winter, or vice versa. While this isn’t true for every property, some property values will fluctuate based on the season, demand, or availability. As a homeowner, it’s important to always keep your eye on the market. This will help you to sell at the time of year that will be the most profitable for you, resulting in getting the most money for your property.
What To Watch Out For…
Keep in mind that it is not unheard of for an agent to inflate the asking price in order to get a signed agreement. By knowing the value before going into a listing, you will have the upper hand and will ultimately be able to get the best outcome when selling your Baltimore house.
Don’t forget about the land that your property is sitting on. Some locations are more valuable than others, while double and triple lots will be worth much more. Make sure the land is buildable and does not have any problems that can lower the value of your property.
If you opt to have an agent create a CMA for you, make sure that all of the data provided is correct. You’ll want to check everything out for yourself to ensure accuracy of your valuation.