Whenever a homeowner decides to put their house on the real estate market, this begins a long series of steps that need to be taken in order to successfully sell the home. One of these steps is figuring out the home’s value in order to price it correctly for the current real estate market. Based on your home’s value, you can make a variety of important decisions knowing that you have the information you need to choose wisely throughout the process.
Home value is one of the most important concepts related to the home selling process, so it is vital that you know all of the ins and outs of it. Having the right information means that you can answer the question, how often does a home’s property value change in Norfolk? At Your Home Sold Guaranteed Realty - Reeds Real Estate, our realtors will happily discuss this and any other questions you have and assist you in determining the most reasonable and profitable asking price for your home.
Home Price vs Home Value: What’s the Difference?
So, you’re trying to answer the question, often does a home’s property value change in Norfolk? Well, first you need to know a few definitions. Specifically, you should be aware of the difference between home value and home price. They are related concepts but are certainly not the same thing, and home sellers should definitely know the difference.
Home value is the amount of money that a house is worth based on factors related to the home itself and the current real estate market. The home price is the amount that a house could actually sell for in the market right now. Very often, the appraised value is higher than the price, but this does not mean that home sellers will not be able to sell the house at that value or above, especially if it is a seller’s market.
Home buyers should also be aware of the difference between these concepts, particularly when they will be applying for a mortgage. Lenders will typically 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.
Certain Factors Affect a Norfolk Home’s Property Value
Although you could try using certain online home valuation methods, it is always best to enlist the help of a professional. With an expert appraiser, you will have the most accurate home value information that you need to determine the best selling price. To figure out the home value, an appraiser will use many different data points and factors that influence the value. One of these factors is the overall condition of the home.
If a homeowner keeps up with regular maintenance and repairs on the home, that individual can be sure that the home’s value will not decrease based on the condition of the house. When these actions are not taken, the house can fall into disrepair and lose significant value. Be aware, though, that regular maintenance and repairs will not usually cause the value to increase unless a previous appraisal had valued it at a far lower amount.
To actively raise the value of a property, it is important to make obvious renovations and put additions on the home such as a garage, extra bedroom, or swimming pool. These can add value as well as square footage. Location-based factors such as crime rate, infrastructure improvements, and access to stores, schools, and other necessities can also influence the value, but these are largely out of the homeowner’s control.
Finally, real estate market trends have a habit of affecting property values because these trends will be used to complete an appraisal. Recent sales and the trending prices will be utilized to determine overall market value. 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.
Just How Often Does a Home’s Property Value Change in Norfolk?
When it comes to home property values, cities tend to assess these values at regular intervals. As an example, the City of Chesapeake’s website states 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 need an appraisal done now to determine your home’s current market value, a professional should be called in to give you the most up-to-date and accurate information about your home, especially if you are planning to sell it soon. Home buyers will also be checking out the market in order to determine a price range for homes like yours so that they know what they can expect to pay. That is why it is vital to know exactly what your home is worth before you create a real estate market listing.
Our Norfolk Real Estate Team Can Help You Figure Out Your Home’s Property Value
Are you making the decision of whether or not now is the time to sell your home? Being able to answer the question, how often does a home’s property value change in Norfolk is a great start. At Your Home Sold Guaranteed Realty - Reeds Real Estate, our realtors will ensure you are able to answer this question and to achieve your home selling goals quickly.
Our real estate team 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!
