How do you determine your home’s value? Today, we’ll be going over four different ways to do so.
1. Assessed value. Simply go into your county’s tax assessment database. If you live in Cumberland County, for example, the website is www.CCPA.net. In most counties, the database will give you a summary of the tax assessment you’re paying your property taxes on. However, there is typically a margin of error involved in the county-assessed tax value of your home. Thankfully, it is possible to dispute your taxes and get them lowered if you can provide evidence that you are being overcharged.
“While online valuation tools are commonly used to determine value, they do possess a margin of error.”
2. Online valuation tool. This common method of determining home value, which includes tools like Zillow’s Zestimate feature, has a significant margin of error. However, these online tools can be a good place to start if you’re simply looking for an estimate. Along with Zillow, you can also visit the valuation tool on my website. You can do so by visiting www.ViewCentralPAHouses.com and clicking on the “What’s Your Home Worth?” link.
3. Appraisal. Unlike the first two methods I listed, this option is not free. However, appraisals will provide you with a much more accurate result. Nevertheless, an appraisal is still only an opinion. If 10 different appraisers were to give you their opinion on your property, you would receive 10 different answers.
4. Comparative market analysis. Like an appraisal, a comparative market analysis is an opinion of value. Instead of an appraiser, though, the opinion you receive using this method will come from a Realtor. When an agent performs this typically free service, they will review the interior of your home and then compare your property to similar homes in the surrounding area. It’s based on this information that they will determine your home’s value.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.