Anyone who owns a home is constantly curious just how much it is worth. It can be difficult to judge at times, especially if an appraisal has not been done recently. Jacques Poujade, Managing Partner of LendPlus, works with people daily looking to buy and sell real estate. He recently shared a few tips on how to figure out exactly how much a home might be worth if it was listed on the market today.
Get an Appraisal
An appraisal is going to be the easiest way and the most accurate way to find out how much a home is worth. Many people do this on a fairly consistent basis, even if they do not have a plan to sell anytime soon. The downfall to an appraisal is of course that it will cost some money. There are some deals to be had out there, but people should expect to pay at least a little bit.
Scheduling an appraisal is usually not too difficult at all. A person just needs to get in touch with a local appraiser and set an appointment. For some people who have more money to spend, getting multiple appraisals can be the best way to exactly nail down how much a home is worth.
A cheaper alternative to an appraisal is to look at comps in the area. Usually, a person can get a pretty good idea how much their home might be worth when looking at similar homes nearby. There is never going to be a true perfect comparison, but this is a good way to ballpark the exact value of the home.
Homes can be looked at either online or in person for a better idea on just what to compare to. This is certainly not going to be an exact science, but sometimes it also helps to talk to neighbors as well. Maybe somebody close by has had an appraisal recently. Since everyone can benefit from a good market overall, it makes sense for them to share information with others.
Keep in mind that not everything found online is going to be completely accurate. Sometimes, prices are overinflated or priced at a good steal as well. It just depends on how long a certain piece of real estate has been on the market in general.
— Jacques Poujade (@PoujadeJacques) March 7, 2019
Using the Help of a Realtor
There are certain real estate agents out there who will actually provide market analysis for a person’s home free of charge. This is going to be beneficial not only for the homeowner, but also the real estate agent. Not only does it develop a relationship between an agent and a person in case they to decide to sell in the future, but it also allows the agent to learn about the neighborhood in general.
Having a good relationship with any type of real estate agent is definitely going to be beneficial for a person. At a moment’s notice, some people might be forced to move, so having someone step in and help is a good thing.
Get More Real Estate and Finance Tips from Jacques
Real estate can always be a pretty tricky business, and that means a lot of questions. Check out the links below to stay in touch with Jacques.