Selling a home can be a difficult process, especially if you are not familiar with it or do not have the proper guidance from an expert in the field. One of the most important initial aspects of selling your house is to determine home value. This will ensure you are able to set a reasonable and profitable asking price for your real estate listing.
A realtor such as ours at Your Home Sold Guaranteed Realty - Phil Aitken Home Team can provide you with the information and resources you need to determine your home’s value. We have also put together this guide to help you and give you the essentials of home value determination and home selling in Jacksonville.
What is a Home’s Value?
First and foremost, let us define what a home value actually is so that you have a firm foundation on which to build your understanding of the real estate industry. The home value is the amount of money that your house and property are worth, given a number of contributing factors. Home sellers need to keep all of these contributing factors in mind when the home value is going to be determined. Here are some of the most valuable factors which are used to figure out home value:
- 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
If you are able to consider all of these essential factors, then you will know exactly what your home is worth and could possibly sell for in the current Jacksonville real estate market.
How Do I Determine My Home’s Value?
So, now that you know what a home value is, it is time for us to demonstrate how you can determine that value. There are several ways to figure it out, and each of these options has its own pros and cons. The first method is to personally examine current market trends in Jacksonville in order to situate your own home amongst the comparable ones. This can help you take an educated guess as the value of your house without actually getting an expert opinion. It is a good start but should not be your only method.
Next, you can utilize online valuation tools and websites such as the Zillow Zestimate. Many of these tools are free to use and can provide you with a broad estimate of your home value in Jacksonville. They incorporate several important factors about the house as well as the current market – information provided both publicly and privately. It is important to remember that these tools and websites will not be as accurate as some other methods that are available to you.
A third option that you may want to consider is hiring a professional appraiser to complete an independent valuation of your home. This is one of the absolute best ways to ensure that you have a specific and accurate home value because of the thoroughness of the appraisal process. The appraisal, you should remember, may be quite expensive and could actually be unnecessary for you as a home seller. Lending companies often require home buyers to get their own appraisals for homes they wish to purchase.
What Should I Know About Jacksonville Housing Market Conditions?
As you know, local market conditions will play an important role when it comes to determining the home’s value. That is why it is wise to start any home selling journey with a thorough exploration of the current real estate market. It is important to use recent home sales data to compare against your home. Be aware of which homes are most similar to your own in order to determine how much you could reasonably expect to get from a home buyer.
Another important aspect of the local market to consider is the supply and demand for homes, and this information can be given to you by local realtors. With this information, you will find out if the current market favors sellers or buyers. If it favors sellers like you, then you may discover that this is the right time to list your home for sale. For those in a buyer’s market, sellers may want to delay listing the home until the trend changes. Make sure you and your realtor are monitoring these trends to figure out the best time to list your home.
Are Online Home Value Estimator Tools and Websites Accurate?
Online valuation tools are very convenient and mostly easy to use, even for those who have never been involved in the real estate industry, but they are not always the most accurate. The accuracy depends on the amount of data that is publicly available or has been user-submitted. For example, the Zillow Zestimate is very easy to use, is known for its accuracy, and highly dependent upon the information submitted and available.
To use these tools, in general, you just need to input the address of your home and, perhaps, answer a few questions about the house. Once completed, the system will do the rest, and you will have the resulting valuation in hand very quickly.
How Accurate is Zillow Home Value?
Many home sellers want to know the level of accuracy of the Zillow home value, and it is a very common question among homeowners. You should keep in mind that most tools will have some type of error rate since the values are not being established by an expert appraiser looking at your specific home.
The program will use available data, which results in the error rate issue. 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?
Home valuation tools are easy to use and can be very convenient, but you need to remember that they may not give you the most accurate and specific home value that you need. The assistance these tools provide is through the estimated value which you can use to set a listing price. You just won’t get as accurate of a value as you would with a realtor or appraiser.
You can trust the values you receive from Zillow and Redfin to a certain level, but the data that is available can increase or decrease the accuracy level. Because of this, those home valuation tools cannot easily or reasonably compete with professionals in the real estate industry.
Do I Need to Hire a Professional Appraiser?
Professional appraisers are usually not necessary for home sellers because home buyers are generally tasked with hiring the appraiser before their loans are approved by the lenders. The lending companies need to make sure that the loan amount is not higher than the actual amount that the house is worth before they approve the loan. However, a professional appraiser will be the one to give you a 100% accurate report of your home value.
In order to deliver an accurate appraisal, the appraiser will come to the house and gather the necessary information. The most essential factors are considered once the tour is complete, and the appraiser will take his or her time to determine the most accurate home value for the homeowner.
Remember, these appraisals are not free and can cost you a significant amount of money, so you need to weigh the costs versus your current budget for the home selling process. With an appraisal in hand, though, you can show home buyers that the asking price you have listed is fair and reasonable. This will help ensure that you are able to get as close to your asking price (if not over) as possible.
Is Fair Market Value the Same as an Appraisal?
In short, no. The fair market value and the appraised value are two different things and should not be used as interchangeable terms. An appraised value is the amount which the house is actually worth using all of the contributing factors that determine home value. Fair market value, then, is the amount of money that a home buyer is willing to pay for the house in the given Jacksonville real estate market. This number can easily change, depending on the market conditions and other external factors that may not actually affect a particular home’s inherent value.
How Much Are Homes Selling For in the Jacksonville Area?
According to Redfin, homes in Jacksonville are selling for a median value of $300,000, which is a decrease of 6.3% from last year. Homes have often been receiving 2 offers on average and will sell within 43 days of listing. The market is considered to be somewhat competitive, and average homes can expect to sell at about 3% below the list price. Hot homes will sell at the listing price but not usually any higher. This puts the sale-to-list price at 97.2%, down 3.7 points since last year.
Should I Hire a Realtor?
Quite honestly, it is never a bad idea to have a realtor on your side. They will give you all of the information, resources, and tools you need to achieve your real estate goals quickly and effectively. Realtors have access to all of this information, and our team at Your Home Sold Guaranteed Realty - Phil Aitken Home Team is happy to share them with you.
We know how important it is for you to have accurate home values such as comparable homes in the area, sales numbers, and real estate market trends, and this is why we want to give you access to all of our resources. We are also happy to speak with you and answer your questions and address your concerns so that you have the easiest and least stressful experience.
Whenever you talk to a realtor, be sure you ask that professional 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 Home’s Value?
Once a home value has been determined, it can be difficult to improve upon it unless the estimate is quite low. When it was already determined to be a high value, improving that value will require a significant amount of differences created by adding square footage or turning a previously unfinished basement into a usable living space.
It is important to maintain the value of your home by completing regular maintenance and upkeep to ensure that curb appeal is kept at a high level. When you do not complete these actions, then it can quickly detract from the value of your home. That is why maintenance is so important. 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. You will find lots of information online and on real estate forums that can be used to figure out the ideal ways to increase your home value.
Can a Jacksonville Realtor Help Me Determine My Home Value?
Whenever you are ready to sell your house and need assistance with the process or in determining your home value, be sure you contact an expert realtor such as our team at Your Home Sold Guaranteed Realty - Phil Aitken Home Team. Our realtors have the experience, skills, and knowledge of the local market to ensure you achieve your home selling goals and get all of the most accurate home value information. We will also develop the strongest market strategy and best guarantees to make sure that you can quickly and easily achieve your home selling goals.
When you are set to put your home on the market and begin your home selling journey, give our team a call at (904) 544-5252 or fill out the form on this page with the requested information to get a detailed response from our 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 Jacksonville can vary depending on market conditions and the specific property. The real estate market in Jacksonville has its ups and downs, but with proper preparation and marketing, you can increase your chances of a successful sale.
To price your home effectively in Jacksonville, research recent sales of similar properties in your neighborhood. Phil Aitken, a seasoned realtor, can provide expert guidance to help you determine the right price for your home.
Finding the right realtor in Jacksonville involves some research. Ask for recommendations from friends or family and look for agents with experience in the Jacksonville area. Be sure to consider Phil Aitken, a trusted real estate professional known for delivering outstanding results.
In Jacksonville, the allocation of closing costs can be negotiable between the buyer and seller. Generally, both parties have their own set of closing costs to handle, including title insurance, appraisals, and other fees.
The best time to sell a house in Jacksonville is often during the spring and early summer months (March to June). Similar to many other regions, the warmer weather and increased buyer activity during these months make it an opportune time to list your property for sale.
Jacksonville’s housing market has shown steady growth in recent years. But local real estate conditions fluctuate. For the most recent market data, consult with Phil Aitken, who can provide you with up-to-date insights.
Determining whether 2023 is a good year to sell a house in Jacksonville depends on current market conditions and your personal needs. With Phil Aitken’s expertise and support, you can make an informed decision and confidently sell your home at any time.