Do you know how to determine the true value of your house in Pittsburgh? If you’re thinking about selling your house in Pittsburgh, this is the first and most important step to take! In today’s post, we’ll discuss four ways to determine the value of your property in Pittsburgh so that you’re knowledgeable when it comes time to sell it.
Most people think they have an idea of what their house or rental property might be worth. Unfortunately, these numbers aren’t always realistic. It is never as simple as relying on Zillow’s estimated value to tell you how much to sell your house for. Why, you may ask? Well, Zillow doesn’t know what kind of condition your house is in. In the case of rental properties, they don’t always have the data for how much rent your tenants are paying, and whether that rent includes things like utilities. All of these things can factor into the value of your house in Pittsburgh.
Before you decide whether to sell your house directly or hire an agent, you’ll want educate yourself first on what you believe the value of your property is. Here are four ways you can get a fairly accurate value of your house in Pittsburgh.
1. Run a Comparative Market Analysis on your Pittsburgh Property
A Comparative Market Analysis (CMA) is often prepared by a real estate agent as part of the process of selling your house; however this is an exercise you can do on your own with a fair amount of accuracy. A CMA looks at properties like yours that have recently sold and compares them to your property in order to come up with an estimated value. You can find properties that have recently sold on sites such as Zillow, Trulia, or Realtor.com.
When you search these websites, be sure to look for similar properties in your neighborhood. The more similar a recently sold property is to your house, the better estimate you will be able to get for your home’s value. Of course, you will never find an identical property to yours, so you will need to adjust your value based on the number of bedrooms/bathrooms, lot size, square footage, and types of finishes (e.g., carpet vs. hardwood). Average out the sale prices to determine a good base point for the value of your house in Pittsburgh. While this won’t be a perfect estimate of value, it will at least give you a range that you should be comfortable with.
2. Use an Online Calculator
There are many great tools out there that will help you determine the value of your property. These calculators can only work based on the information you provide, so make sure your facts are accurate. Some of the sites you can use include Chase, Zillow, Redfin, HomeGain, Remax, and Realtor.com. Make sure to look at a few of these sites, so you can compare the numbers and determine an average. No site is completely accurate, and your value might vary a bit from site to site. A good rule of thumb is to average out the estimates from 3-4 sites to get an idea of the value of your house in Pittsburgh.
3. Hire an Appraiser in Pittsburgh
If you want a licensed professional to give you an opinion on the value of your house in Pittsburgh, then you should hire an appraiser. An appraisal can be performed for just a few hundred dollars, depending on the size and type of property, and will give you a very accurate assessment of your Pittsburgh home’s value. Before choosing an appraiser for your property, take some time to do research. How experienced is the appraiser, and what types of property do they specialize in? You wouldn’t want to work with an appraiser who values land if you are selling a single family house.
At the end of the day, an appraiser is conducting a much more accurate CMA. While this could be valuable for you, it may not be worth the hassle of finding a reputable appraiser and spending the money to get an appraisal done. Plus, this process can take a few weeks. If you are just interested in a general value of your property, you should be able to determine that yourself by using the two methods we previously discussed.
4. Watch “For Sale” Properties in Pittsburgh
Property values fluctuate all the time. You can often discover trends if you keep an eye on what homes are selling for. Do this: next time you see a house for sale in your neighborhood, write down the address. When the “For Sale” sign comes down, check the Allegheny County real estate portal a few weeks later to see the price the house sold for. This is a great way to find out if homes are selling for more or less than their asking price, which ultimately will give you a better idea of the value of your house in Pittsburgh.
What To Watch Out For when selling your house in Pittsburgh
After using one of these four methods, you should have a general idea of what the value of your house might be. Now it’s time to decide whether to sell it yourself or hire a real estate agent. If you talk to a real estate agent, keep in mind that they make a commission only when a house is sold. That said, some (but not all) may tell you that they can sell it for more in order to get you to agree to list it with them. If you talk to an agent who thinks they can sell it for significantly more than what you found out through your research, you may want to tame your expectations. Ask for the data they are using, or even a CMA if they are willing to prepare one for you.
Let us help you determine the true value of your house in Pittsburgh – free of charge! Contact us today for more information! (412) 785-7928