How to Determine the Market Value of Your House

House sale in Maryland

Pricing your home can be difficult. To figure out how much your house is worth before you list it, there are several things you can do. Here are our tips to calculate your asking price.

Search for Comparable Homes

House value are determined by the price similar properties recently sold for. Some real estate websites, such as Trulia, Zillow, and Realtor.com, make this information easy to find. Start with a search of your part of town or zip code and keep track of the price homes like yours sold for. Make sure the houses you check are comparable, meaning they have the same number of bedrooms, bathrooms, and are close in square footage and lot size. These sites do not always have the most accurate information so make sure to check other sources as well.

Call the Tax Assessment Office

The tax assessment office in your town or city will have records of what comparable homes recently sold for in your neighborhood or town. Using these records will give you a second set of numbers that are more reliable than what you may find online. Using both figures together, you can come up with a better estimate of the value of your home.

Get in Touch with a Realtor

Realtors are the market experts and will be able to help you price your home. They can either do it for you, or help you identify the key items to look or in your search and estimation. They’ll also be able to give you information on how the market is in your area. When there are more buyers than houses available, the price of listed homes will increase and vice versa. A realtor will know what to expect and help you set your price right.

If you’re ready to list your home for sale in the Maryland location, Virginia location, Baltimore location, or Washington DC location, or are just curious about how much it may be worth, you can make an informed estimate with just a little effort and time.

Pros and Cons of Buying a New Home

we buy houses for cash in maryland

If you are looking to sell your house fast for cash in Maryland and move, you will need to decide whether you want to buy a new house build or a previously occupied house. Here are some pros and cons:

Arguably the best part of buying a new home is the fact you are starting with a clean slate. No one has put their personal stamp on the home, and it really is a blank canvas for you to paint and enjoy. The home will reflect your personality and taste in no time. If you are buying before it is finished, you also have the opportunity to customize everything.

With a new build there is no waiting around for anyone else to finish dealings (e.g. title and loan issues) with their property so proceedings can move a lot faster. This can be countered however by any building works that take longer than expected.

A con with new builds is resale value. Often times comps haven’t been established so resale value is somewhat unknown.

Most new build are now fitted with new products and finishings. New products especially appliances are safer, last longer, and are more energy efficient.

Most new build properties come with warranties for around 10 years. This is something unique to new builds and really does remove the potential headache that comes with the uncertainty of buying an older property.

The neighborhood is also something you can get more knowledge of in an older property. There is more information available about the standard of the surrounding area. Sometimes with new builds you are not sure on the reputation of the area for years. Schools in the area are often new so it can take time to find out how well they perform also.

The biggest con for new builds is price. New houses cost much more than older ones. Also, closing costs can be substantially higher.

Hopefully this information helps you make the best decision. If you need to sell your house fast for cash, let 8 Day Home Sale help.