As a homeowner, you may occasionally wonder what your home value might be in the current real estate market and you may ask how often does a home’s property value change in Hampton. If this is the case, it is important to know exactly what is meant by a home value and how to determine a selling price from that value, should you ever decide to put your home on the market. 

You should know that property values can change quite frequently over time, based on the ever-evolving trends of the real estate market in your area. To get the most up-to-date and accurate information about your home’s value before you list it for sale, it is important to work with experienced real estate professionals such as ours at Your Home Sold Guaranteed Realty - Reeds Real Estate. We can help you answer your home value questions and make sure you are able to sell your house for top dollar.

Home Price vs Home Value: The Difference Is Important?

When you are attempting to answer the question of how often does a home’s property value change in Hampton, you should be aware of the difference between home price and home value. They are related ideas, but they have major and critical differences that every homeowner should be aware of.

Here’s the difference:

• Home value: the amount of money that a house is worth based on factors related to the home itself and the current real estate market.  
• Home price: the amount that a house could actually sell for in the market right now. 

As with other valuable items such as expensive jewelry, the appraised value is often higher than the selling price. That does not mean, though, that you could not sell your home for the full value (or more). This especially applies in a strong seller’s market.

Home buyers will also want to be aware of these differences, especially when they are planning to apply for a mortgage and will be dealing with lenders. As a general rule, lenders will require an appraisal to be done as a way to determine the loan amount, and they will not usually go higher than that amount. When the sale price is higher than the value, home buyers will need to make up the difference or risk losing the house.

Do You Know What Factors Can Affect Your Hampton Home’s Property Value?

If you are only trying to get an idea of the value of your home (without being precise and incredibly accurate), you can use basic online valuation tools such as the Zillow Zestimate. This serves its purpose but is not something to be relied on primarily. For the most accurate and up-to-date information about the value of your home, you should always call upon an expert. 

A professional appraiser incorporates various critical factors into the assessment which results in an accurate valuation of your home’s worth. One factor that will be used is the condition of the home. With good maintenance and repair schedules, your home can remain at its highest value. The lack of maintenance and repairs could result in a serious loss of value even though these actions will not increase the value unless an appraisal had already valued it at a lower amount.

If a homeowner wants to increase their house’s worth, it is necessary to make improvements like renovations and additions such as a garage, swimming pool with a deck, or extra bedroom. These add value as well as square footage. Other factors that will be considered in the valuation such as crime rate, infrastructure improvements, and access to stores, schools, and other necessities are largely out of the control of the homeowner.

Any discussion of home value would not be complete without including the effects of current real estate market trends. This includes recent sales and trending prices. They will be incorporated to determine an overall market value for your home. If sale prices are increasing consistently, the home values often follow this trend. Usually, though, this is assessed on a year-over-year basis rather than monthly, even if prices change rapidly. Values will remain consistent. 

How Often Does a Home’s Property Value Change in Hampton?

In general, cities will re-evaluate property values at regular intervals that they have decided make the most sense. As an example, the City of Chesapeake states on their website that it will make changes to property values on a quarterly basis if there is new construction, additions, or demolitions completed. These updated property values will be done on October 1, January 1, April 1, and July 1 each year.

When you are looking to sell your home now, though, you cannot wait for the next interval of home valuations to roll in from your city. It is wise to contact an expert to have a professional home valuation completed. This person will give you an accurate appraisal, and this information can be used to set a reasonable asking price. 

Home buyers who are actively looking for a house to buy will also be using market trends and prices to determine a price range for the type of home they want. That means they will know what range of prices to expect, and yours needs to be within that range in order to get their attention. That is why it is vital to know exactly what your home is worth before you create a real estate market listing. 

Get an Accurate Assessment of Your Home’s Property Value with Our Realtors

Have you and your family decided that it is the right time to sell your home? Be sure you can answer the question, how often does a home’s property value change in Hampton? The answer will provide you a good starting point for your home selling journey, and our real estate team at Your Home Sold Guaranteed Realty - Reeds Real Estate can make sure you are going in the right direction to achieve your home selling goals.

Our realtors are happy to help you with all of your home selling needs, including getting a home valuation completed and setting a reasonable asking price. For more information on home values or to start your home selling journey with us, feel free to give us a call at (757) 799-4824 or fill out the form below with the requested information and one of our realtors will send you a detailed response as soon as possible.

We look forward to hearing from you and getting you started in the right direction in the real estate market!