Know The Value of Your Home in Memphis
If you want to sell your home, you need to know its value. You don’t want to lose money, but you also don’t want to set your listing price so high that no one wants to buy it. There are so many factors to selling a home that are out of your control, so it’s important to utilize every asset you have to make the sale of your Memphis home a win-win situation. Determining the value of your home is an essential part of the process. The Judy Mac team can help navigate every step of the home buying process, from listing and appraising to closing day.
How to Find Out the Value of Your Memphis Home
There a few ways to start to determine the value of your home. The most accurate way is to have an appraiser value it, but there are some other tools that can help you find a starting point in the meantime, or if you’re just starting to consider selling your home.
Online home value estimation tools.
The technical name for these is the automated valuation model, or AVM. This is the kind of tool you’ll find on Zillow or Redfin or any other real estate listing site. An AVM applies mathematical modeling to information gathered from public records like property transfers, deeds of ownership and tax assessments to predict your home’s value based on recent sales and listing prices in the area. Remember that these numbers will only be an estimate, and shouldn’t be the only source you use to determine the value of your home.
FHFA House Price Index Calculator
Similarly, you can use the FHFA house price index calculator for a result backed by a more in-depth analysis. The FHFA tracks a house’s change in value from one sale to the next. Then it uses this information to estimate how values fluctuate in a given market. This is also not a perfectly accurate method, because it only uses conventional and conforming mortgages, and isn’t adjusted seasonally or for inflation.
A comparative market analysis from a real estate agent
You can ask a member of the Judy Mac team for a comparative market analysis, or CMA. Though not as detailed as a professional appraisal, a CMA provides an agent’s evaluation of the home and market to provide an estimate of value, typically for listing purposes. This can help us determine a reasonable price window to list your home for the best chance of selling.
The best way to determine the value of your home is to hire a professional appraiser. In fact, anyone buying will need an appraisal by a professional in order to get their mortgage approved, so this can be considered the official value.
How Appraisers Determine Home Value
Appraisers will determine the value of your home based on recent sales in your area, as well as particulars about your home. The factors an appraiser looks at may include: the home’s amenities, the number of bedrooms and bathrooms, floor plan functionality, and complete visual inspection of the interior and exterior and note any conditions that may lower the value of the property, such as any repairs the home will need.
On the comparable properties side, an appraiser will look at sales, listings, vacancies, cost, depreciation and other factors for similar houses in the same market. Finally, an appraiser will take into account the region, city, and neighborhood that house is in to determine how desirable the location itself is, and how that might affect home value.
Every Seller’s Journey Starts with Home Value
You can’t sell your Memphis home without knowing how much it’s worth. That’s why it’s so important to get an accurate picture not only of your home’s value but the factors that influence it. The JudyMac team can help you determine the value of your home and find any ways to increase its value, such as repairs and updates. Contact us today to learn how we can help you navigate your real estate journey.