Your Home Sold Guaranteed Realty - Reeds Real Estate

How Often Does a Home’s Property Value Change: Chesapeake?

Making the decision to sell your home is an important one that requires plenty of research and thought before you ever get a listing on the market. Part of that research will be determining your home’s value. You need to understand the value of your home based on certain factors, including the current real estate market trends, as well as the way a value estimation relates to the price you can reasonably expect to have a home buyer pay for the house.

Home value is an essential part of the house selling process, but it can be a confusing topic. You may be wondering how often does a home’s property value change in Chesapeake and what are the factors that affect that change. At Your Home Sold Guaranteed Realty - Reeds Real Estate, our team of realtors is happy to help you answer these questions and ensure that you are able to list your home at a price that is fair, reasonable, and profitable for you.

Difference Between Home Price and Home Value in Chesapeake

Before we can talk about home values and how often does a home’s property value change, we need to differentiate between home price and home value. While both concepts deal with money, they are quite different, and home sellers should be well-aware of these differences when they are trying to sell their houses. 

The home value is the assessed amount of money that your home is worth based on a number of factors related to the house itself as well as the current real estate market. The home price, on the other hand, is the amount at which the house may actually be sold given the current market trends. In general, the value is higher than the price, but many home sellers have been able to sell their houses above value in a very hot market.

For home buyers, it is important to know the difference between these two if they are planning to get a mortgage for the house. The lender will usually require an appraisal of the home and will use that appraisal to determine the amount of your loan. If the sale price is higher than the value, the home buyer will have to make up the difference between the loan amount and the sale price or be at risk of losing the house.

What Factors Affect a Home’s Property Value?

When you have an assessment completed by a professional, you will have the most accurate information at the current time for your home’s property value. The inspector will use a variety of data points to provide you with this home value number. As you might expect, the condition of the house is one of the most important factors that can influence the value.

If regular maintenance and repairs are not completed to a home and it falls into disrepair, this can certainly lower the value of the house. Basic maintenance and upkeep will help you maintain the already established value of the house but rarely causes it to increase. Repairs can increase value if the house has already been valued at a much lower price prior to the onset of the repairs. 

In order to raise the value of the home, there needs to be noticeable value added to the house through renovations and additions. If you were to add a garage, swimming pool, or bedroom to the house, then that would increase the overall value, just by means of square footage alone. In addition to these physical improvements, location-based factors can influence the value. These include such issues as crime rate, infrastructure improvements, and access to stores, schools, and other necessities.

However, trends in the real estate market will also influence the value of a home. Many assessors will use trends in the real estate market and evaluate recent sales in the area to appraise the property. When sale prices in the market continually increase or decrease, the values of homes will follow suit. Usually, 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 Chesapeake?

According to the City of Chesapeake’s website, the city 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.

However, a professional property appraiser will also be able to give you the most updated property value for your home at any time. It is important to know exactly what your home is worth before you create a real estate market listing for it because your home buyers will also be doing their best to figure out a price range for homes like yours. 

They will be looking at comparable homes in the area which have been listed and/or sold recently to determine at what price a house like yours should be listed. If your asking price is too high or too low based on those comparables, home buyers will likely move onto the next listing.

Our Realtors Are Here to Help You Figure Out Your Home’s Property Value

If you are considering selling your home in Chesapeake, it is important to determine how often does a home’s property value change in the city. With this information, you can calculate a reasonable asking price for the house and work to get it sold as quickly as possible.

Our team of realtors at Your Home Sold Guaranteed Realty - Reeds Real Estate is 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!

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