How Much Is My House Worth? A Beginner's Guide to Understanding Home Value
When you are thinking about selling your house, one of the first things you will ask yourself is, "How much is my house worth?" This number can be tricky to determine, as there are many factors that go into it.
Today, we will discuss some of the basics of home value and how to estimate what your house is worth. We will also talk about some of the things that can affect your home's value. So if you are curious about how much your house is worth, keep reading!
Thinking about selling? Read about why you should consider selling in the winter.
Know the Three Types of Valuation
Before you can start to figure out how much your house is worth, you need to understand the three different types of valuation. These are fair market value, appraised value, and assessed value.
- Fair Market Value: The fair market value is what a willing and able buyer would pay for your property on the open market. This is the most common type of valuation and the one that you are likely most concerned with.
- Appraised Value: The appraised value is what a professional appraiser would assign to your property. Appraisers take into account things like square footage, location, age of the home, and recent sales of similar properties in the area.
- Assessed Value: The assessed value is what your local government assesses your property to be worth for tax purposes. This number is often lower than the other two types of valuation, as it does not take into consideration things like market conditions or upgrades that you may have made to your home.
How to Find Your Home's Value
Now that you know the three types of valuation, you can start to look into finding out what your house is worth. The best place to start is by looking up your home's assessed value. This number can be found on your property tax bill or on your local government's website. Once you have this number, you can compare it to recent sales of similar properties in your area to get an idea of what your fair market value might be.
You can also hire a professional appraiser to appraise your property. This is a good option if you are planning to sell soon, as they will take into account things like market conditions and any upgrades or repairs that you have made to the property. However, it is important to note that appraisals can be expensive, so you will need to weigh the cost against the benefits.
Need a little guidance as you dive into the real estate market? Talk to us about homes for sale in Sandy Springs, GA.