If you’re thinking about selling, or even if you just want to keep an eye on the market so you have the option of taking action if the time seems right, you’re probably wondering – “What is my house worth?” The only truly accurate way to find out your home's value is to hire a reputable appraiser and pay for their opinion. This can cost in the range of $300-400, so if you’re not quite ready to lay out the bucks for this assessment, you can still get a general ballpark idea by looking at a few different factors.
Comps – these are comparable properties in your neighborhood which have similar square footage, lot size, and added features like a garage or pool. You can often find the selling prices of recently sold properties in your area by searching online.
Market conditions – this doesn’t just mean the current picture of the overall market nationwide, it will also vary greatly according to your local conditions. High demand areas like downtowns and other locales experiencing a housing crunch are going to reflect higher home values, while distressed neighborhoods with job shortages and numerous foreclosures will lower a property’s worth.
Interior condition – if your home’s interior décor is stuck in the 70s, or you have significant repair issues like a leaky roof or a black mold infestation, these factors will have a serious impact not only on home values, but on your ability to even find a buyer.
Keep these things in mind when considering options for selling your house.