How to Valuate Your House

There are several ways to valuate your house. Though house valuation methods are not guaranteed to result in the exact same value, they will likely be in a similar range. If you are looking to sell your house fast, look no further than We Buy Houses Las Vegas to get a cash offer on your home. If you’d like to know the value of your home first, our team explains the many different options for valuating a house.

The Assessed Value Based on Taxes

Your home’s assessed value in the context of tax dollars is the value of the property as determined by your county’s tax assessors. The assessed value of the property determines the money you pay in property taxes. Local county tax assessors determine the value of a property based on a wide array of factors, including improvements you have made to the house. However, the assessed value tends to be a bit lower than the actual fair market value, meaning it isn’t guaranteed to be the price you can sell the home for.

You can also check the local county auditor’s website for information pertaining to house values. Search through the assessed value of residential properties in your area in the context of taxes, and you’ll get a better sense of what your house is worth. Just keep in mind that the taxable value of a property does not always indicate its actual value as everything from the time of the year to the curb appeal and market competition shape value.

The Appraised Value

Have your home appraised by a professional appraiser, and you’ll get a sense of its actual worth. A licensed appraiser will review everything from the home’s condition to its size, location, features, and renovations to determine its value.

Use a Home Value Estimation Tool

Surf the web over to Zillow, Redfin, or Realtor.com, and you will find plenty of home value estimator tools. Though these tools will all yield different values for your house, they will give you a general idea of its worth. It must be noted Zillow’s Zestimate tool tends to overvalue houses. Home value estimation tools rely on algorithms that include data available to the public, such as public records, tax assessments, and recent sales in the area, to determine what the house in question is worth. Aside from Zillow’s Zestimate tool for home value estimation, there are also home value estimators available through Chase, Redfin, RE/MAX, and several other real estate websites.

Sales Comparisons

You can get a good sense of your home’s value by comparing it to similar houses that sold in recent months. As long as the features of the homes that sold are similar to those of your house, and they are on a plot of land that is the same size or nearly the same size as the one that your house is on, these comparable sales will provide an accurate estimation of your house’s value. Be sure to factor in upgrades made to comparable properties as well as their build dates as those factors also shape valuation.

Consult With a Real Estate Professional

Real estate agents keep their finger on the pulse of the local housing market. Ask an experienced local real estate agent what he or she thinks your house is worth, and you’ll get a general idea of its actual value. You can also attend open house showings and auctions throughout your community to get a better sense of what local properties are worth.

However, it is a mistake to completely rely on a real estate agent’s opinion of what your house is worth. Even if this professional claims to have crunched the numbers on recent home sales in the area to get a sense of what your house is worth, take it with a grain of salt. When in doubt, perform your own research and compare it to that provided by a real estate agent, an appraiser, and the local county tax assessor to determine the true value of your house.

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We Buy Houses Las Vegas will make a cash offer for your home. If you are considering selling, reach out to us today for an offer. You can contact us online or by dialing 702-246-2000.