The market value of a house is determined by a number of factors which include location and condition. However, there are many cases where these factors don’t match up properly or even leave the homeowner at a loss. Visit here https://www.oahuhomebuyers.com/we-buy-houses-oahu/ to know more.
Here are tips to determine the fair market value of your house.
Estimate it yourself
The best way to determine the fair market value of your house is by getting out in the real world and find out for yourself. Find property listings that match your houses features and similar features of houses in the neighborhood. This can be done by searching local newspaper listings, checking the neighborhood sign, or visiting a real estate office to see their listings.
Consider a professional
If you prefer, you could also get a professional real estate agent to determine the market value of your house. Real estate agents or property appraisers use a number of methods to determine the fair market value of a house including sales history, comparable, and neighborhood conditions.
Look at the price
While the house is on the market, look out for houses that are being sold in your neighborhood or houses that have been on the market for a while. Sometimes, you can get a feel of how much your house is worth as compared to others in the area or nearby neighborhoods.
Look at comparable
Comparables are houses that have similar characteristics to your house. For example, if your house has two bathrooms and the comparable homes have two bathrooms as well, you will know that the fair market value of your house is somewhere around $350,000.
Know about the market
The market is something else to consider when determining the fair market value of a house. In times where there are limited buyers for homes or properties in general, then it’s reasonable to assume that the property will be sold for less than its full worth. If on the other hand is a good time to buy, then you might find your property gaining in value after it has been sold.
Research online
There are many online tools that can be used to help determine the fair market value of your house including free services and paid services. Free services include sites that do not charge money but are advertising supported. Paid services can be purchased in a similar manner to memberships on any other website with subscriptions starting from as low as $5 per month.
