Keep tracking home prices in your area as well as price changes through real estate websites and MLS websites. If you have no time to do this, call Real estate sales agents as they can investigate price changes and selling trends in your neighbourhood or city that can provide you with a rough picture of how much your property might be worth.
How to Determine the Value of Your Property?
There are literally hundreds of real estate websites where you can compare between the properties in your neighbourhood and find out the market value of your house. Factors that are taken into account by these multiple listing service websites are year of manufacture, history, price, total square footage, number of stories, number of bedrooms and bathrooms, garages and any other special feature such as a large landscaped yard with swimming pool or several patios/balconies.
Then your house will be compared to other similar properties with the same features in your area to arrive at a plausible market price. You may even ask the help of Mortgage broker to find out specific information about a close to accurate market price for your property.
This involves a little legwork, but is an enjoyable experience nevertheless. Head out to the open houses in your neighbourhood in the weekends to find out the price of a house in its entirety and the price per square foot.
Open houses in an established neighbourhood might have little faults and these houses may require repair jobs here and there. Contact Real estate agent Annerly what these houses are selling for. Then you can have an idea of how your house stacks up against these open houses. But don’t compare apples to oranges, for that way you will only get confused further.