Know how to get a reliable home valuation when selling your house.
What is my home actually worth? This question is one of the first things that you need to know when selling your house. Today, I’ll share with you three ways to determine your home’s value.
1. Zillow. Many homeowners use Zillow as a starting point to determine how much their house is worth. While Zillow is a popular tool for sellers, their estimates are based on actively listed homes and not recent sales, especially since Utah is considered a non-disclosure state. And because it doesn’t reflect actual selling prices, it can lead to significant inaccuracies of up to 90% with a margin of error of 8% to 40%.
2. Tax assessments. The data reflected on tax assessments is based on data updated every few years, potentially lagging behind the current market value. Although it is not always accurate, tax assessments can provide a rough idea of your home’s value compared to similar properties.
3. Appraisals. When you hire an appraiser, they will physically inspect your home and compare it to recent sales, also called comparables, in your area. This provides a more precise valuation, but you should be prepared to set aside $300 to $500 for their professional assessment. One downside of hiring appraisers is the rapidly changing markets, which can render appraisals outdated quickly, especially if done months before selling.
Another option is consulting a real estate agent, which is the best way to get an accurate valuation for your property. Agents stay updated on current market conditions, consider recent sales data, and adjust for current market trends on top of just historical data. Also, most real estate agents, like us, offer free market analyses to help you understand your home’s potential market value, allowing you to make informed decisions.
While Zillow estimates, tax assessments, and appraisals can be helpful starting points, they have limitations. Working with a real estate agent provides you with the most up-to-date market analysis and expert guidance. So, if you are considering selling your home, call or send us an email for a free market analysis. We will help you price your house right!
