Market Value of your Newport Beach Home | Newport Beach Home Market Value
You are considering listing your Newport Beach home for sale and an important consideration is establishing market value. There are several methods in which you should consider when pricing your home to sell.
- Internet Estimates: Many home buyers and sellers utilize internet estimates to help establish home value, however these internet estimates may be inaccurate. These estimates may not take into consideration particular upgrades that you have done to your home, which increased the value. Also, internet estimates may go the other way too . . . in the event that a home is in poor repair with deferred maintenance, then the internet estimate may be too high.
- Professional Appraisal: You can hire an independent appraiser to come out and appraise your home. Appraisers look at prior comparable sales, within a specific time frame.
- Comparable Sales: Consider recent comparable sales in your neighborhood or similar neighborhood. And don’t look at sales more than 6 months previously. Most appraisers will not even go back that far when establishing value of a home. Make sure you consider similar features on property – i.e. number of bedrooms, upgraded kitchen, upgraded bathrooms.
- Utilize a Realtor: This is the most important consideration when establishing value. Make sure you hire a full time Realtor, that is knowledgeable of the community in which you reside. A Realtor will look at recent home sales, active, and pending status when considering the value of your home. A Realtor will prepare a Comparative Market Analysis so you can consider each feature of your home in comparison to similar properties when establishing value.
If you are considering selling your Newport Beach home for sale, and would like a complimentary market analysis of your home, please contact me.