When you decide to sell a home, it can be very time-consuming and stressful because there are plenty of steps to take and things to be done. It will be a lengthy process that start’s with your house worth. This process can be very frustrating and overwhelming, but working with an experienced realtor can ensure that you do not have to be concerned with these feelings. Our team at Your Home Sold Guaranteed Realty - Nancy Kowalik Group will be by your side through every step of the process.
This includes the most important factors related to listing and selling your home, including determining your house worth in South Jersey. That home value is essential because it can help you be more confident in listing an asking price. When you need the most accurate information to determine the right home value, our experts are your best option. Our realtors make sure you have all of the resources and knowledge you need to succeed in the home selling process. This is part of the reason that we put this guide together.
What Is a Home’s Value?
To begin, a home value in South Jersey is the amount of money that a house and property could provide you in a sale. There are several different factors that play critical roles in the determination of that home value. This include:
- Size of the home and property
- Layout and design of the house
- Condition of the interior and exterior
- Age of the home
- Features and amenities
- Upgrades and renovations
- Comparable home sales in the neighborhood within the last 6 months
After a real estate professional has assessed your home and incorporated those factors, you can feel as confident as possible that you have an accurate estimate of the current value of your home in the local real estate market.
How Do I Determine My House Worth in South Jersey?
Now that the concept of home value is clear, we can discuss the methods by which it can be determined, especially when figured out by realtors. There are a few different ways to get your home value in South Jersey, but it is important to note that each method has benefits and drawbacks. The method that most people start with is simply examining the current real estate market in your local area. Through this examination, you can figure out how your home fits into that market and get a basic idea of your home’s worth.
The next method that many people turn to is the use of online valuation tools such as the Zillow Zestimate. One of the biggest benefits of using these tools is the fact that they are usually free to use and generally user-friendly. The primary issue, though, is the tool’s level of accuracy based on the fact that the online tools rely on the availability of sufficient public and privately submitted data. This can drastically affect the accuracy of the tools.
Another way to determine house worth in South Jersey is to hire a professional appraiser who will visit your home and complete his or her own independent analysis. Through an appraiser, you can rest assured that you will be getting the most accurate and reliable estimate for your home value in the current real estate market. This is a great method because of the experience, skills, and expertise, but the valuation process will not be cheap. They can be quite expensive, and it is important for you to thoroughly consider whether or not you actually need to have it done.
What Should I Know About Local Market Conditions?
Many factors in the local real estate market can affect your house worth, so it is vital that you stay aware of the condition of the market while you are selling a home. In order to figure out your home value, be sure to familiarize yourself with the region and recent home sales data of houses that are actually comparable to your own. This will ensure that you have a good comparison for your house and property.
Understanding how supply and demand works in the current real estate market can also be a factor in your success. When it is a seller’s market, then you will be in a great position to sell. If it is a buyer’s market, you may want to consider waiting until the market turns more favorable to you.
Are Online Valuation Tools and Websites Accurate?
Although online valuation tools are very useful and often free, they need to be evaluated as well before you trust the information that you receive from them. Accuracy of these tools can be a problem since they rely on the availability of public or private user-submitted data. Zillow Zestimate is simple to use, known for accuracy, and dependent on the information that is available.
If you are looking to get a home value in South Jersey, using online tools can be beneficial. Simply put your address into the system and answer a few questions about the home. Once all of this is completed, you will receive your valuation after the system processes the data.
How Accurate is Zillow Home Value?
Zillow’s home valuation tool is something that home sellers often want to investigate and find out more about its accuracy. Will the resulting number for your house worth be accurate? Since you will be using the information to determine your asking price, you certainly need to be picky about the home valuation tool you use and find out if there is an error rate.
Zillow’s specific program uses data that has been collected and submitted for the house, so there will be a clear error rate. According to Zillow, the “median error rate for on-market homes nationwide is 3.2%,” depending on the availability of data in a specific location. The error rate increases for off-market homes (7.52%), but this is because the availability of information is dramatically reduced for these types of homes.
Which Home Valuation is Most Accurate?
Determining which home valuation tool is the right one to use can be a challenge. It is vital, though, that you get information that is reliable and accurate when dealing with these tools. Accuracy can be a major problem which is why working with a real estate professional is highly recommended since that is the best way to get an accurate home value in South Jersey.
In general, online valuation tools rely on publicly available or user-submitted data, so that means the value that is determined will be based entirely on that data. The data available can raise or lower the value, depending on what is available, so talking with a real estate professional will ensure you get the right value and can list the proper asking price.
Do I Need to Hire a Professional Appraiser?
Typically, a home seller will not need to hire a professional appraiser since it is usually the duty of the home buyer to get the appraisal done. Many mortgage lenders will require the appraisal to be completed before they approve the loan. They want to make sure that the loan amount is not higher than the actual value of the house before they approve the loan. If you want a 100% accurate home value in South Jersey, the professional appraiser is your best option.
After hiring the appraiser, he or she will visit the house, get all of the information needed, and use it to write their estimate with a high level of accuracy. They will, of course, incorporate the factors above into the estimate.
Remember, this appraisal will not be free and may, in fact, be quite expensive. Be sure to determine whether or not you need the appraisal and figure out the cost-benefit ratio for getting it. With the appraisal in hand, though, you can show potential home buyers that the asking price is fair and reasonable.
Is Fair Market Value the Same as an Appraisal?
In short, no.
The fair market value of a home is not the same as the appraisal value, and the two terms should not be used interchangeably. Appraised value is determined with all of the contributing factors incorporated into the appraisal so that a home value can be figured out. However, the fair market value is the price that a home buyer would willingly pay for the house, if you decide to sell. Market conditions and other factors can adjust the fair market value.
How Much Are Homes Appraising for in My Area?
If you are looking to sell a home in South Jersey, you should be aware of the average home prices in the area. According to Redfin, the current average price for home in the South Jersey area is $550,525, an increase of 9.0% from the previous year. It is a very competitive market, so home sellers can expect to get multiple offers. An average home can sell for about 1% over listing price while hot homes can get about 5% over list price. Homes will typically get about 101.1% of their listing price.
Should I Hire a Realtor?
Regardless of the stage of the home selling process you are currently in, hiring a real estate professional is always a wise choice. This most certainly includes working to get an accurate home value in South Jersey. Our realtors at Your Home Sold Guaranteed Realty - Nancy Kowalik Group can use their knowledge and experience to get you an accurate house worth, and we will happily provide you with all of the information and resources you need. We do everything we can to ensure your home selling success.
We understand the importance of getting an accurate home value before you set your listing price. It will ensure you sell quickly and for the highest price possible. Our team will make sure you have information about comparable homes in your area, sales numbers, and real estate market trends. Additionally, we are happy to speak with you and answer your questions and address your concerns so that you have the easiest and least stressful experience.
If you decide to interview realtors (an excellent idea before hiring one), be sure you ask them what factors they include in the valuation, how long it will take to determine the value, and how close to the asking price you can get using the home valuation estimate.
How Can I Improve My House Worth?
Improving your home value can be quite difficult, especially after getting a high appraisal. You must make significant changes to your house in order to increase the value. This could include increasing square footage through an addition or finishing a previously unfinished area of the house such as the basement or attic.
Maintenance is also critical when keeping your home value in South Jersey high because curb appeal means a lot to home worth. If regular maintenance and upkeep are not completed, you can quickly lose home value. Be sure you are also staying informed about the local real estate market trends so that you know how much others have been selling their homes for in the area. There is plenty of information online and on real estate forums that can be used to figure out the ideal ways to increase your home value in South Jersey.
Can a Realtor in South Jersey Find My House Worth?
When you need an accurate home value in South Jersey, a realtor can most certainly help you. Our team at Your Home Sold Guaranteed Realty - Nancy Kowalik Group will get you the information you need before you set an asking price. Nancy can also help you buy a new house in the area, if that’s what you’re looking for.
We will make sure you are well-aware of your options throughout the entire home selling process, and our team will make sure that you sell your home as fast as possible and for top dollar. We utilize strong marketing strategies to ensure the speed of the sale.
When you are ready to put your home on the market and begin your home selling journey, give our team a call at (856) 478-6562 or fill out the form on this page with the requested information to get a detailed response from our top realtors. We will be happy to answer any questions and address all of your concerns to make sure you are comfortable and confident in your decisions throughout the process.
We look forward to hearing from you and helping you begin your real estate journey!
More Questions Home Sellers Ask
Selling a house in South Jersey can be challenging, but don’t lose heart. The key is to prepare your home for sale, price it competitively, and market it effectively. Working with a skilled real estate agent who knows the local market can also make the process smoother. Get proven tips to sell your home for more money with an expert like Nancy Kowalik.
Research recent sales of similar homes in your area to get an idea of market trends. Consider factors like your home’s condition, size, and location. A comparative market analysis from a local real estate agent can provide valuable insights to help you arrive at a competitive price.
Traditionally, both the buyer and seller have their own set of closing costs to cover. However, you can negotiate these costs as part of the sales contract, so it’s essential to discuss this with the buyer during negotiations.
The best time to sell a house in South Jersey is often during the spring and early summer months (March to June). The warmer weather and longer days tend to attract more potential buyers who are actively looking for homes. However, keep in mind that the market can vary each year.
The real estate market is constantly changing with economic conditions and housing demand. If you want the latest data for the local market, or need to know if house prices are dropping or rising, give us a call!
Determining whether 2023 is a good year to sell a house in South Jersey depends on market conditions and your personal needs. Our team is happy to help you guarantee your home sells in 2023.