How to Conduct a Property Value Search

If you are wondering whether the asking price on a home is fair, you may consider a property value search to determine if it is priced competitively. Many real estate agents will do this for you.

Recent Home Sales

The first step is to research recent sales in the area you are looking to purchase. It is not important to immediately compare the specifications of the homes. Instead, you should simply be looking for an appropriate price range for the neighborhood.

Market Comparables

The next step is to actually compare homes with similar specifications to yours from the original list you compiled. Some factors are:

  • Lot size
  • Square footage
  • Number of bedrooms
  • Number of bathrooms
  • Upgrades or renovations
  • Special features like garages, corner lots or cul-de-sacs

Aim to compare a home with a similar features and size. You can use the price of the other home to determine the price of your home.

Inspection & Assessment

If you are still uncertain, request an appraisal report. An appraisal report will tell you the value of your home, in comparison with other similar properties in your area. An appraisal report will cost anywhere between $300 and $500 dollars. You can also order a home inspection to tell you more about the condition of the home. An inspection can run between $250 to $450 dollars.

blog comments powered by Disqus