If you’re thinking about selling a home in Midland, you probably know that pricing it right is essential – but what is the most accurate home value website?
Here’s what you need to know.
What is the Most Accurate Home Value Website?
There’s a major problem with home value websites: They aren’t able to provide an accurate valuation because they don’t account for individual differences in homes, location, and a variety of other factors. In fact, some home value websites are off by as much as 18 percent on their estimates – and that can really add up. For example, 18 percent of $500,000 is a whopping $90,000. That means if you think your home is worth $500,000, a home valuation website could tell you that it’s worth anywhere between $410,000 and $590,000; that’s a huge difference (a span of $180,000 in both directions).
Rather than relying on a home value website, ask a Midland REALTOR® to tell you how much your home is worth. And if you’re not comfortable doing that just yet, that’s okay; the following section shows you how to calculate your home value yourself, without the inaccuracies of a home value website.
Related: 5 tips to improve your credit score when you’re a first-time homebuyer
How to Calculate Your Home’s Value
Follow these steps to get a pretty good idea of your home’s value, remembering that the most accurate home value will come from a REALTOR who has seen your home in person:
1. Use online valuation tools and get a possible price range.
2. Look at data on home listing websites that shows you:
- Homes like yours (and in the same location – the closer, the better) that have sold in the past three months
- Homes like yours that were on the market but were taken off because they didn’t sell
- Homes like yours that are currently on the market
3. Compare your home to those homes, making adjustments where necessary. For example, if all the homes in your area that have a swimming pool are worth $5,000 more than those that don’t, and you have a pool, adjust $5,000 upward for yours.
This system isn’t perfect, but you’re far more likely to get a more accurate number even by calculating your own home’s value than you would get if you were to use a home value website. Again, the best way to get an accurate home valuation is to work with a REALTOR who understands the market and how much your home is worth when compared to others in the area. And remember: Ultimately, your home is only worth what someone is willing to pay for it.
Related: Five times it’s smart to offer over asking price on a home
Are You Buying or Selling a Home in Midland, Texas?
Use our site to search homes for sale in Midland and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated faster. By creating a property manager account you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:
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