Hiring a professional to conduct an appraisal is the best way to go about calculating the true value of your house in Bloomington. But, if you’re not quite there yet or don’t want to spend the money, you might be in the early stages of considering selling your house. Don’t worry, you can still take some DIY steps to get a decent estimate of your house’s value. Perhaps you’re just starting to ponder the idea of putting your house on the market, and in that situation, there are some actions you can take independently to get a fairly accurate sense of its value.
Use an Appraiser’s Eye
Getting a grasp of the criteria that appraisers use to establish the fair market value of a house is essential for homeowners. They carefully assess factors such as the number of bedrooms and bathrooms, the total inside square footage, lot size, the age of the property, HVAC system efficiency, and the overall condition of the house. Additionally, appraisers take into account location-related aspects like the local crime rate, proximity to amenities, and accessibility to transportation options. For instance, the safety of the neighborhood, the quality of nearby schools, and the availability of parks or shopping centers all contribute to the property’s value. If you’re calculating the true value of your house in Bloomington, adopting the perspective of an appraiser provides valuable insights into its worth.
Look at Neighboring Sales
Just like an agent navigating through comps, take a close look at the recent sales of comparable homes in your neighborhood. Utilize various online resources to check sale prices, considering factors such as size, age, room count, construction type, and unique features like updated kitchens or renovated bathrooms. Make sure to focus on homes that have been sold within the last few months for the most accurate and current data. This thorough analysis will help you gain a comprehensive understanding of the local real estate market and guide your decisions effectively.
Determine the PPSF
Another good tactic for calculating the true value of your house in Bloomington is to try to determine the price per square foot (PPSF). This, too, involves comparing your house to similar houses that have sold in the neighborhood.
So when doing your own comparable market analysis, be sure to note the square footage of the houses you’re considering. Then divide the sale price of the house by total square footage to arrive at the PPSF. The next step is to add up the several PPSFs you’ve calculated and then divide by the total number of PPSFs you added together, which will yield the average PPSF. All you have to do then id multiply the square footage of your house by that average PPSF. You will then have a general idea or your house’s fair market value.
Consider Special Features/Qualities
When determining your home’s true value in Bloomington, make sure to factor in its unique features and qualities. These aspects can significantly boost (or, in some instances, decrease) its market worth.
Consider recent upgrades like brand-new tiles and fixtures in the bathroom, modern kitchen appliances, a fresh roof, or updated siding. Features such as a spacious screened-in deck or proximity to a reputable school can also contribute to the overall value. Remember, the comparable value analysis and average price per square foot (PPSF) serve as starting points; however, you must also recognize what sets your home apart from the standard features found in comparable properties.
On the flip side, if your home falls short in comparison to others in terms of condition, its value may suffer. Therefore, it’s crucial to be brutally honest when assessing your property against others in the market.
Discovering the actual worth of your home in Bloomington involves employing effective strategies. While enlisting the help of a real estate agent for a comprehensive market analysis is a common approach, you can come remarkably close to this assessment independently. Engaging in tactics such as researching recent property sales, evaluating local market trends, and considering any home improvements you’ve made can significantly contribute to gauging the true value of your house.