Do you know how to determine the true value of your home in Long Island? Whether you are selling your house or not, its a good idea to keep tabs on the value of your home. We can help! Learn how to do it in our latest post!
Many sellers think they know what their house is worth but in many cases, their numbers can be off. It is never as simple as relying on Zillow which is usually too high or property assessment (usually too low) to tell you how much to sell your house for. Before you decide whether to sell your house directly or hire an agent, you’ll want to determine on your own what you believe it to be worth. There are a few things you can do to get an accurate value of your house in Long Island.
Run A CMA
A Competitive Market Analysis or CMA, are often prepared by real estate agents, however, it isn’t anything you can’t do on your own. A CMA will take information from recently SOLD houses in your area, and provide you with an estimate on what your house will currently sell for. The information can be found on any site that shares MLS data such as Zillow or Trulia. You should look at at least three similar properties, comparing them to yours, and adding and subtracting for things like the number of rooms, lot size, and square footage. Average out the sale prices to determine a good base point for the value of your house in Long Island. Many agents will provide you with a CMA free of charge. Just make sure there isn’t a catch, obligating you into a listing you don’t really want or need. Be careful as some realtors may inflate the value of the home to get the listing. Make sure your CMA is comparing apples to apples. Do not compare a 3 bedroom house on a slab to a 4 bedroom house with a finished basement as the values will be substantially different.
Some More Tips – Comps
In a place like long Island there are usually plenty of comparable properties (Comps) to look at. Unless there is nothing available or limited availability, comparable houses should be houses that SOLD, with the prior 6 months and within a 1/2 mile of your property. They should be with 2-% of the square footage of your home. In the event that your home has a condition that cannot be changed (usually location based) you may have to reduce the value by 5-10%. These condition might include being on a busy two way street, backed up to the Long Island Railroad tracks, accros from a school or commercial property, etc.
There are many great tools out there that will help you determine the value of your home. These calculators can only work based on the information you provide, so make sure your facts are accurate. Some of the sites you can use include Chase, Zillow, Redfin, HomeGain, Remax, and Realtor.com. Make sure to look at a few of these sites, so you can compare the numbers and determine an average. No site is completely fool-proof, and your value might vary a bit from site to site. The calculators may tell you one thing, but at the end of the day it really comes down to supply and demand.
Hire An Appraiser
When you are still questioning the value of your property, hiring an appraiser can give you the professional opinion you need. An appraisal can be performed for just a few hundred dollars and will give you valuable insight into the value of your home. Before choosing an appraiser for your property, take some time to do some research. What are their experience levels and specialities Many sellers will schedule appraisals and inspections before putting their homes on the Long Island. This will help them know what their property is worth and what challenges they might run into once a buyer is found. A professional appraisal can also help if you are challenging the about you are being assessed for property taxes. Many times people will feel as if they are being charged too much for their Long Island property taxes. Having an appraisal done by a licensed Long Island area appraiser will help you effectively challenge your local property appraiser if needed.
Watch The Market
Property values fluctuate. You can ofter discover trends when you study home values over time. Your property may be worth more in the summer than it is in the winter, or vice versa. While this isn’t true for every property, some property values will fluctuate based on the season, demand, and availability. As a homeowner, it’s important to always keep your eye on the market. This will help you sell at the time of year that will be the most profitable for you so you can sell your house for as much as possible.
What To Watch Out For…
Keep in mind that it is not unheard of for an agent to inflate the asking price in order to get a signed agreement. By knowing the value before going into a sale, you will have the upper hand and will ultimately be able to receive the best outcome when selling your Long Island house.
Don’t forget about the land your property is sitting on. Some locations are more valuable than others. While double and triple lots will be worth much more. Make sure that if selling land, that it is buildable and doesn’t have any problems that can lower the value of your property.
If you opt to have an agent create a CMA for you, make sure all of the data provided is correct. You’ll want to check everything out for yourself to ensure accuracy in your valuation.