“What is my house worth?”
If you Google this question, you’ll see all sorts of home value estimators. These can be helpful to give you a general idea of the real estate market in your area, and they can sometimes give a decent ballpark figure for your home value.
However, these calculators aren’t able to account for any valuation factors that aren’t part of public record. If you really want to know what your house is worth, it’s important to know what an appraisal actually covers. Your house’s value is based on its features, age, and condition, taking the local market into account.
If you’re listing your home on the market, you may consider improving some of these factors beforehand (the ones that are in your control, that is). If you prefer to sell your house as-is, understanding these factors can help you know what kind of offer you should receive. Let’s take a look.
Home appraisal factors:
- Home location.
- Home size and layout—overall square footage, stories, number of bedrooms/bathrooms, closets, and storage.
- Interior and exterior materials used.
- Age and condition of major home systems—electrical, heating, air, and plumbing.
- Structural soundness including foundation and roof.
- Age and condition of appliances.
- Basement and attic features.
- Lot size and features.
- Off-street parking—driveway or garage.
An appraisal looks at all these factors and then compares your home with recently sold homes in your area. Current market conditions are also taken into account.
If your home is distressed, the value will likely be less than most other recently-sold homes in your area. However, record amounts of homeowner equity mean that, as long as you’ve owned your home several years, even a distressed house can set you up nicely to buy your dream house.
Once you know the market value of your home, you just have a few calculations left to do. If you’re selling on the market using a real estate agent, be sure to factor in commissions. The total commission for both the buyer’s agent and seller’s agent usually ends up being about 5-6% of the selling price, so if your home sells for $250,000 you’ll be losing about $15,000 to commission. Don’t worry, though—if you’re not interested in losing that money, a no commission sale is possible! A MarketPro no commission sale gets cash in your pocket in as little as a week.
Work with MarketPro:
If you want a no commission sale, we’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, and zero fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote. If you’re not sure what your house is worth, there’s no downside to getting a fast cash offer from us!
