When you’re getting ready to sell a house in the Fort Worth area, knowing the value of your property is essential. Determining your house’s worth can make the difference between a fast sale and a listing that doesn’t get a lot of attention.
Let’s guide you through what it takes to calculate your house’s value.
Why knowing your home’s value is important for planning a sale
Figuring out your home’s value has several advantages. First, it helps you price your house correctly, which should attract the right buyers and cut down the amount of time your property is on the market. Overpriced houses run the risk of sitting on the market longer than they should, while underpriced houses mean less profit for the seller.
By knowing the value of your Fort Worth home, you can:
- Price your house to appeal to the most likely buyers.
- Avoid reducing your asking price or even having to re-list your property.
- Make wise decisions about whether to pay for repairs or renovations before putting your house on the market.
Factors that affect your home’s value in Fort Worth
Several key factors impact the value of houses in Fort Worth. Understanding these can help you get an accurate understanding of your property’s worth:
- Location: Being close to city amenities like green spaces, top-ranked schools, and popular areas like the Cultural District and the Near Southside can do a lot to boost your house’s value.
- Condition and age of the house: The age and state of your Ft. Worth property impact valuation. New construction and tended-to older homes generally sell better.
- Recent renovations or improvements: Updated kitchens and bathrooms, as well as features like swimming pools and solar panels, can boost home values in the DFW Metroplex.
- Market trends and demand: Real estate market cycles affect pricing. In a seller’s market, demand is greater than supply, which means you might be able to sell for a higher price. In a buyer’s market, sellers might need to expect less profit on a home sale.
- Size and layout: Larger homes in Ft. Worth typically have higher values, especially if they offer appealing layouts and features.
- Comparable homes in the area (comps): Recently sold homes in your area that are similar in size, style, and condition to yours can be used as a foundation for estimating your home’s market value.
Types of home valuation
Different valuation methods offer varying levels of accuracy and importance when you’re selling a Fort Worth house. Here are the three main types of valuations:
- Assessed value: This value, determined by local government assessors, is used for property tax calculations. While useful for city and county government, this figure is usually lower than market value.
- Appraised value: A professional appraiser evaluates your Ft. Worth’s house’s worth based on factors like location, size, condition, and neighborhood comps.
- Market value via comparative market analysis (CMA): CMAs estimate market value by comparing your house with similar homes sold in the last six months. The formula CMAs use is to look at nearby houses of similar size and type, typically adjusting the value based on 250-square-foot intervals.
How to find out your home's value before selling
There are several ways to determine your house’s worth in Fort Worth before you put it on the market. Here’s a list of some methods that might be useful:
- Online home valuation tools: Online calculators are good for getting a ballpark estimate of your house’s value. Keep in mind that these tools don’t factor in specific property features or recent upgrades, which means that you’ll likely want to use other methods as well.
- FHFA House Price Index (HPI) calculator: Provided by the Federal Housing Finance Agency, this House Price Index tool looks at home value changes over time based on average property appreciation rates in your area. This tool doesn’t factor in things like home condition and amenities. Plus, the HPI calculator average is based on the entire Fort Worth-Arlington-Grapevine area and may not apply to your specific town or neighborhood.
- Hiring a professional appraiser: A home appraiser provides a detailed valuation by evaluating your home’s size, condition, location, and comparable sales. A professional appraisal can be considered highly reliable.
- Comparative market analysis (CMA): Aa mentioned above, CMAs, conducted by a real estate agent, look at recently sold houses that are comparable in size, layout, and location to the house you’re selling. CMAs are regularly used by real estate agents to set a price that matches with market conditions. While not as formal as a professional appraisal, CMAs are often an excellent way to find out your house’s value.
When to consider a professional appraisal
A professional appraisal can be very helpful in certain situations. If your property has unique features, unique problems, or the current real estate market is uncertain, investing in an appraisal might be worthwhile. According to Angi.com, the average seller can expect to pay around $350 for a home appraisal.
Common mistakes to avoid when valuing your house
- Leaning too heavily on automated tools: Online calculators can be inaccurate and shouldn’t be the only data point you consider when setting a home sale price.
- Ignoring market conditions: Consider whether it’s a buyer’s or seller’s market, and price your house accordingly.
- Not paying attention to home improvements: Failing to account for the value of past upgrades can lead you to undervalue your property, while putting off essential repairs and renovations can lead you to set your price too high.
- Overlooking unique features: Special characteristics like swimming pools, carriage houses, and brand-new appliances can add value.
We Buy Ugly Houses® buys houses “as is.”
Our Fort Worth team considers a wide variety of properties throughout the DFW Metroplex, and we buy houses “as is.” That means you don’t have to make repairs or take other steps to boost your property value before you sell. If you’re looking for a fast, easy sale, We Buy Ugly Houses® is the buyer you want to talk to.
Find out how easy selling your Fort Worth house can be!
