If you’re a homeowner in Knoxville, TN, you may be asking yourself the question: “What is my home worth?” Knowing the market value of your home can help guide you in making decisions about putting your home on the market, refinancing or even selling it fast to a cash investor. In addition, it will help in estimating property taxes and insurance premiums. While a professional appraiser or Realtor can provide a close estimate, it’s also possible to do the estimate yourself.
Here are the steps you can take to help estimate what your home is worth:
Determine Home Value by Researching Local Sales
Look for information about the prices of homes that have recently sold in your area to help determine home worth. Make sure these homes are comparable to yours, with similar features such as location, lot size, square footage, number of rooms, age, and style. You can find this information from various sources. Real estate websites, local newspapers, real estate agents, the local assessor’s office, or public tax records. On top of this be sure to also keep update with how the Knoxville real estate market is doing.
Create a Grid and Adjust Sale Prices
Identify at least three similar homes and create a grid detailing the sale price and features of each home, including yours. Then adjust the sale prices based on the superiority or inferiority of a home compared to yours, based on factors such as location, views, lot size, condition, parking, and finishes.
If you think your home is superior to a sold property, add an approximate amount to the sale price. If you think another property is better than yours, deduct an appropriate amount from your value. This will help you arrive at an adjusted sale price. Which, reflects the approximate price each property would have sold for if it had exactly the same features as your home. These strategies will greatly help in determine what your home is worth.
Compare and Average for a Home Value
Compare the adjusted prices you arrived at for each home, and get the median or average figure. This will give you a good home value estimate.
Some common mistakes to avoid when estimating your home worth include comparing your home to properties that are still on the market. Also, comparing to homes that are too different, and letting your emotions cloud your judgment.
If you need a professional assessment of what your home is worth, you can contact a Realtor who can help you. Our real estate team would love to help you. Contact us today! We’d be happy to assist you in determining the value of your Knoxville, TN home.