No matter how much time you spend researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips to avoid rookie mistakes with your first home purchase.
Maybe you're thinking of selling, maybe you're thinking of refinancing, or maybe you're just curious about the market. But the question is, "What is your property worth?”
Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home--or any property for that matter--can be a tricky process. Nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. Or sites like Zillow will give you a "Zestimate". As tempting as it may be to trust this information, be wary of letting an automated algorithm tell you what your largest investment is worth.
The trouble with these websites is that they have little to no local market information. In some locations property values can vary widely street to street, these websites do not take that into consideration. Nor do they compare similar properties--a renovated property does not compare to a distressed property. Additionally, these websites are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you've lovingly cared for and maintained your home.
The bottom line is this: if you're serious about getting an informative valuation for your home you should contact a local real estate professional--like me! I work with the actual people who will ultimately determine the value of your home--the home buyer themselves. This is my profession and I would be happy to take the time to sit with you and explain the current market conditions that affect your home value.