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How Much Is My House Worth

Sat, Sep 12, 2020 at 5:35AM

How Much Is My House Worth

How Much is My House Worth?

How much is my house or home worth? Something nearly every home owner will eventually if not immediately ask their self. We all have an idea but to reach inside of the mind of the buyer we need to emotionally detach ourselves. Preferably before doing any expensive modifications. Another important thing to consider is how much increase in home value that home modification will actually achieve. Actually a very rough guide is, the Zestimate.

The Zestimate

The Zestimate will not tell you what your home will sell for. What it does is tell many buyers what your home should be selling for. It is kind of a ball park figure. The only reason why it matters is so many people use it for a reference. Unfortunately most home owners and Realtors do not know how to get the most accurate number from it. For it to actually be accurate it would take effort by every home owner and that is just not going to happen.

Home owners and Realtors can claim ownership of a home on Zillow. You do this for a couple of reasons. Primarily to alter the price shown on the Zestimate. You simply create a an account and claim your home. The steps to doing that may change but will never be hard to figure out. After all they want home owners to update the home and they want home owners to use their site. As a Realtor when I sell homes I always suggest homeowners do this. However many Realtors do not even know you can.

When you claim your home you can make changes to it's profile. Types of flooring, new pool etc. Many of these things may drive up the homes value shown. I believe you can also do this with potential home modifications to see how much home value you may gain by doing the modification. Just beware that you seldom get your money back from modifications. The most beneficial mod used to be upgrading the front door. Why? Well not all buyers have the same taste. If you want to see what is most popular just go view some new homes for sale by a popular builder in your area.

The Assessed Value

The local property tax assessor's website is often a place to get a "ball park" figure. As homeowners we all want this price to be lower because of property taxes. The good news is it often is low. Remember the property tax appraiser in most areas does not consider how the home looks inside. They may come around occasionally to view the outside of homes but in most areas they do not come inside.

This price is affected by home sales and in some cases permitting. An important thing to keep in mind is the confidence score. Normally just beside the assessed value is a confidence score rating between 50-100. The higher it is the more accurate the assessor believes the assessed value is. In my experience in my county if the number is not over 80 it is not going to be accurate. So just remember this is the number which affects your taxes and some wise buyers will view it before making an offer. As a buyer's agent I always send all of the public records to a buyer before an offer is made.

What is a BPO?

A BPO is a Broker Price Opinion. It is just what it says. A Real Estate Broker will give an opinion of value based on the investigation of similar homes and the condition of your home. Banks often use these for setting the sales price of homes in their inventory. Bank owned homes are not always in great supply but banks do want to get rid of them. When there are not many in the Banks inventory then the bank will want closer to market value for them. When foreclosures are on the rise then the banks need to shed inventory. This is when to buy a foreclosure but shop wisely.

A BPO can be done by many Realtors. I do a version of a BPO when figuring out what a home should sell for. You pull up the sold home in the neighborhood and compare them to the home you are selling. Preferably homes which have sold in the previous 60-90 days. In large communities this is normally easy. However in smaller communities you may end up looking a nearby similar communities. If all else fails, you can go by dollars per square foot but this is not preferred. A larger more expensive home in a community will typically take the longest to sell. Also the most expensive homes are lowered in price because of nearby less expensive homes and vice versa. Often homeowners are also fighting new construction prices. Trust me all things being equal buyers prefer new construction so you need to lower your price.

For sale vs sold prices

Simply put there are two different lists of homes. The homes for sale and the homes that sold. You just ask yourself what list you want to be on. This is even more critical when your home is in the median to average home price for an area. That is the price most people are looking at and if your home has not sold in 2-3 weeks it is over priced. The amount of people looking at your home online will plummet after 2 weeks and so will the showings. As a general rule after 8 people view your home you should have an offer. If not re evaluate. A good guide is 10% of people seeing your home and saving/watching it online. Yes a good Realtor can watch this.

When you home is higher in price than average it will take longer to sell. However the percentage of people who like it should still be the same. If you have around 8 people who can afford the home look at it with no offers then make a change. Remember buyers are not emotionally attached, we homeowners are. Do not win the bidding war when you are selling you own home. You will end up keeping it. I hope this helps you know how you can know how much is my house worth.


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