5 Ways to Find Out What Your Grand Rapids Home Is Worth
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As we head into the spring market, a lot of people are asking, “What’s my home worth?” We are definitely in a seller’s market, and now is a great time to sell. Today, we’ll go over five ways to find your home’s value.
Adding square footage or updating your kitchen will add value to your home.
- Figure out your property’s X factors.
Finding out what nearby homes have sold for is a great starting point. You can use online tools, but there is usually a 10% margin of error either way. Still, sites like Zillow or Trulia are good places to start. Not every home will be just like yours, but look for homes that are similar. Buyers will keep your home in mind while comparing these similar homes.
- What improvements have you made to your home to add value?
- Use an agent who’s in the know.
An agent will provide a comparative market analysis for your property. They will find comparable properties for sale nearby and see how those stack up when compared to yours. The CMA is a great way to find out what your home is worth in our current market.
- Hire an appraiser to fine tune your property’s value.
If you’ve gotten multiple CMAs from different agents, it may be wise to bring in a third party who is not trying to sell your property. Hiring an appraiser can cost around $400, but we know of a couple discount appraisal companies that run for about $175. Appraisers will examine your property and tell you what they think it’s worth.
- Price based on the 3 Cs: competition, consumption, and condition.
Competition is important because you need to know how many homes are on the market in your price range. Consumption is another way of saying absorption rate, where you see how long it would take to sell all the active properties on the market. As for condition, compare your home with others on the market. Evaluate your property the way a picky buyer would. That can be difficult to do on your own, but a good agent will offer you an unbiased opinion on the condition of your property.
There you have it, five ways to find out what your home is worth. If you have any questions about your property or about real estate in general, give me a call or send me an email. I would be happy to help you!