Recasting or making a lump sum payment on your mortgage loan has its advantages and disadvantages. But there are certain instances where making a lump sum payment on your mortgage just makes sense.
If you’re thinking about putting your WA, OR, ID, or CO home on the market, or are simply curious about its value in the current economic atmosphere, it’s essential to get an honest assessment of its value.
Even if you’re just a homeowner who is curious about what your home is worth, knowing what this figure is can be useful. But it’s especially important of you are planning to sell your home in Seattle or Denver in the near future. In this case, knowing the value of your property will be crucial information to have.
But an overly inflated figure won’t hold up and will only turn potential buyers away.
It’s best to get a fair assessment in order to ask a reasonable price or avoid over-extending oneself when it comes to taking out a home equity loan. Consider these key tips to get a true assessment of a home’s value.
1. Identify Positive Features About Your Home And Property
When seeking an appraisal for a home, it’s important to look at the big picture. While the neighborhood and specific location are important, as well as the size and condition of the home, it’s also essential to tally up any improvements or upgrades. Any recent renovations are a plus that are sure to give a boost to a home’s value.
Outbuildings and swimming pools add more positives that will increase the initial value of a home. The most important thing any homeowner can do is to stay on top of repairs and give the property a facelift periodically to keep things fresh. This will be taken into consideration during an appraisal.
2. Pay Attention To The Competition
Whether homeowners try to estimate their home’s value on their own or bring in the professionals, it’s important to pay attention to the surrounding real estate. Take a close look at other properties in the area and their price tags when they come up for sale.
It’s especially helpful to look at properties that compare in size and condition. From that point, the most expensive and least expensive homes should be tallied as well, providing a price range for the concerned individual’s home.
3. Think About Present Circumstances
Be sure to consider if the area is in a recession or showing a period of strong economic growth. If a home is located in an area that is booming, this will inflate the value of the home. It is all part of the law of supply and demand. When buyers are coming in droves, home sales will be ripe for the picking and homeowners can ask a higher price.
However, if the population is dwindling and people are migrating elsewhere because job opportunities have fallen, there is a much greater chance that the Washington or Oregon home‘s value will decrease. For those who want to sell, the best bet is to strike when the iron is hot and put the house on the market during a period of economic strength. If the economy is failing, it may be necessary to wait or cut ones’ losses.
4. Have “Comps” Pulled
If you are planning to sell your home in Boise or Portland any time soon, then you may want to get a hold of a professional real estate agent who is experienced in the location that you are selling in. Not only can you develop a rapport with your agent before you even choose to sell, you can ask them to pull a list of comparables – or “comps” – which can provide you with very useful information.
Comps will tell you what similar homes in your neighborhood have recently sold for. It will include a list of properties within your area – or even on the same street – that are very similar to yours and have sold no further back than 3 to 6 months.
It’s one thing to look at prices for currently listed home in Idaho or Colorado, but quite another to look at the prices of homes that have actually sold. This will be valuable information when it comes to what you can expect buyers to pay for your home.
5. Use a Valuation Website or App
There are several apps and websites available that can help you determine the value of your home. Some of these include Eppraisal.com, HomeGain.com, Zillow.com. and Trulia.com, to name a few.
Just punch a few details about your home and location, and you will be given a rough estimate of what your home is worth. Just keep in mind that the estimate provided is not 100% accurate compared to an in-person estimate from a professional, which brings us to our next point.
6. Hire a Professional Appraiser
Usually, lenders send over an appraiser when a buyers makes an offer on your home. But as a homeowner, you have the freedom to hire one yourself to evaluate your home. These professionals are trained and experienced in accurately estimating the current value of homes based on current market conditions, and they can do the same for you. If you choose to take this step you need to be aware that no lender will accept this appraisal for a mortgage. They will need to order another appraisal that complies with the governments Appraisal Independence Requirements.
Act Now To Learn More
There is no better time than the present to contact a name you can trust in real estate. Discover all the ins and outs of assessing your home’s value, discuss your options, and find out ways to boost your property’s potential as you seek a reliable assessment.
Ready to Apply For a Mortgage in WA, OR, CO, or ID?
Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest. Contact us today with any questions you have about mortgages.