How Much is My House Worth?

Are you thinking about putting your house on the market? Wondering how much you can get for it? One quick way is to go to Zillow or Redfin, enter your address and it will spill out a number. That number clearly does not take into account the condition of your home or other desirable (or not) qualities of your home. You could pay an appraiser to determine how much your house is worth, engage a realtor to pull up comps, do it yourself or contact us for a free estimate of your home value.

The rest of this article is a guide on how to DIY.

If you choose to DIY, the best way is to find out how much you can get for your house is to look up other similar sold houses. Data and information on sold homes is available for free on real estate websites like Zillow, Redfin, MLS or your local county website. You want to look for recent sales, bedroom and bathroom count, updates and upgrades. You also want to consider proximity of recently sold homes to your property, assigned schools, HOA, walkability, proximity to shopping, dining and even hospitals and clinics. Below is a description of key variables that affect the value of your home.

Recent Sales

Sale price on recently sold and similar homes is one of the strongest indicator of how much you can get for your property. Most appraisers will consider sales in the past 6 months and within half a mile radius.

Proximity

Proximity of recent sales to your property is a big factor in determining how much you can get for your home. If your home is a 3 bed/2 bath house, other similar 3 bed/2 bath houses closest to your home is a good indicator of what your house is worth. Typical distance is 1/2 mile radius. Consider going out a little farther, up to 1 mile radius or go back 9 to 12 months, if there are less than 6 sales within half a mile in the last 6 months.

Condition, Composition, Upgrades and Updates

Bedroom and Bathroom count, as well as upgrades and updates are key when determining how much your house is worth. A 4/3.5 is likely to command a higher price than a 4/2 or a 4/1 house. A house with hardwood floors and open floor plan would be considered more valuable than another with carpet and closed floor plan. Similarly, two 30 year old houses with the same features will command different prices if one is in good condition and the other is in need of repair.

Assigned Schools

This is a another big factor, the house 0.1 mile away, sold within 6 months with the same bed/bath and similar upgrades but assigned to a different school may not be comparable. More so if the schools are not similarly ranked. Your home may be worth more if assigned schools are ranked higher.

Walkability and Proximity to Shopping and Dining

There has been a growing interest in walkable neighborhoods or locations close to shopping and dining, especially from younger adults and retirees. Homes in a different part of town even if less than 1/2 mile away may not be comparable if neighborhoods are more walkable or closer to shopping and dining.

HOA and Other Features

Condos and townhouses with high HOA dues may be less desirable and on average cost less than others with lower HOA. Other variables such as finished basements, garages (0,1,2,3), lot size and location on busy street or intersection also affect property value.

You want to be armed with the value of your house before calling a realtor or We Buy Houses Cash home buyers. SageLaneGA will be happy to do the leg work for free and give you an estimate of your home value. We can also give you a no obligation offer to buy your house as is. We are the direct buyer and aim to offer a hassle free experience. Skip showings, no repairs, no cleaning, pay $0 commission, $0 Closing Costs and $0 fees. Close in as little as 14 days or pick a close date.

Ada Panko

info@SageLaneGA.com

(470) 222-4088

Off Market - houses up for sale without listing on the MLS.
Homebuyers- investors who directly seek out homeowners who may be interested in selling their homes or properties off market.