If you need to sell your South Florida house, you are likely wondering about the house’s market value. Determining a home’s market value is a complex task, and even professional appraisers sometimes struggle to value property. Although we recommend consulting a real estate professional, there are ways for homeowners to gauge the value of their house on their own:
- Online Pricing Tools – The easiest way to get a “ballpark” estimate of your home’s value is to use free online home valuation tools. Zillow, among other websites, estimates the value of your house. Zillow produces its “Zestimate” by analyzing recent local sales and your house’s characteristics, including square footage, number of bedrooms/bathrooms, and lot size. Although automated online estimates are a useful starting point in determining home value, they don’t take into consideration the condition of the home and other nuances that real estate professionals consider. Zillow itself recommends not relying on the Zestimate, and obtaining a comparative market analysis, professional appraisal, and home inspection. (Also check out eppraisal.com and realtor.com).
- Look at the “Comps” – Perhaps the best way to gauge the value of home is to look at the sale of local and similar properties – commonly referred to as the “comps”. You can see comps for free online at Zillow, Redfin, or Trulia. In assessing how your home stacks up against the comps, you should consider location, size (living area and lot size), age of the house, number of bedrooms/bathrooms, and curb appeal, among other factors. The best way to analyze comps is obtain a “Comparative Market Analysis” from a real estate professional which will list the most relevant comps. House Heroes provides homeowners with our Comparative Market Analysis free of charge, just call and ask!
If you are not sure about the characteristics of your house (age, size, etc.), Miami-Dade County, Broward County, and Palm Beach County property appraisers maintain online databases with housing information. See Miami-Dade County Property Search, Broward County Property Search, and Palm Beach County Property Search. By typing in the address, owner name, or property number, you can learn your home’s age, size, tax and zoning status, as well as other useful information.
We highly recommend discussing your house’s value with an experienced real estate professional before making any decisions. We are always happy to discuss — free of charge — your home’s value and give you a free Comparative Market Analysis. Give us a call today!