Determining what your home is worth or the fair market value is relatively easy. If you follow 3 simple steps you can easily determine what a buyer is willing to pay for your property.
1) Find a resource or website that can help you find recent real estate sales data for your area. You could use your local city or counties’ Tax Records website. You could use the website of a local Realtor, or you could even use a national website.
2) Use one of these websites to find 3 homes that have sold near your home within the last six months. It is important to find recent sales, so that you are getting an accurate picture of the current market. You can look at other homes that are currently For Sale , but what someone is asking for a house, doesn’t mean that is what a buyer will pay for that house. That is why you must use only homes that have already sold. These are called your “Comps” or Comparable Sales. Make sure to look for homes that are in the same school zone, similar in size, type of construction and have the same features as yours.
3) Calculate the average sales price of the three homes. Then add a dollar amount for any upgrades or amenities that your property has that the others don’t. These are called “Adjustments.” For example if your home has a 2-car garage, but none of the others did, then you will want to add a dollar value to your home’s value. On the flip side, if your home is missing something that the others have, like a garage, then you want to subtract a dollar amount to your home’s value. Determining what dollar amount to add or subtract will be very specific to your local area. You may need the help of a professional, like an Appraiser, Realtor or Tax Assessor.
You have gathered the necessary data to have a general idea of what your home is worth in today’s market. This is a rough estimate of the fair market value of your property. However, it is always a good idea to consult a local real estate professional before engaging in any kind of sales transaction.
Our team of professional Las Vegas real estate agents will ensure that you find your dream home or help you sell your current home. Contact us today and you won’t be disapoited with what our agents have to offer.
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