When you’re getting ready to sell a house in the Jacksonville area, knowing the value of your property is a great place to start. Accurately calculating your house’s worth can make the difference between a smooth, profitable sale and a house that stays on the market longer than it should.
Let’s discuss what to consider when figuring out your house’s value.
Why knowing your house’s value is important for planning a sale
Calculating your home’s value helps you price your house properly, which should help attract the right buyers and help reduce the length of time your property is on the market. Overpriced houses can be tough to sell in the Jacksonville real estate market. Underpriced houses may sell quickly but leave money on the table.
By understanding the value of your Jacksonville home, you can:
- Set a home sale price that will attract serious buyers.
- Avoid lowering your asking price or even having to re-list your property.
- Make informed decisions about whether to pay for repairs or renovations before putting your house on the market.
Factors that affect your home’s value in Jacksonville
Understanding a few key factors can help you get an accurate understanding of your property’s worth:
- Location: Being close to desirable features like highly ranked schools, popular neighborhoods, and Jacksonville amenities like the beach and St. John’s River can do a lot to increase your house’s value.
- Condition and age of the house: The age and condition of your house can have a big impact on your house’s value.
- Recent renovations or improvements: Attractive, recently updated kitchens, bathrooms, and living areas, as well as amenities like back decks, skylights, and solar panels, can increase home values in Jacksonville.
- Market trends and demand: In a seller’s market, housing demand is greater than supply, which means you might be able to set a higher price. In a buyer’s market, the opposite rule applies, and you might need to compromise on your ideal price.
- Size and layout: Larger homes typically hold more value, especially if they offer the right layout.
- Comparable homes in the area (comps): Recently sold houses in your area that are similar in size, style, and condition offer a strong starting place when you want to estimate your house’s market value.
Types of home valuation
Different valuation methods offer varying levels of accuracy and importance when you’re selling a Jacksonville house. Here are the three main types of valuations you should consider:
- Assessed value: This value, determined by government assessors, is used to calculate property tax. This figure is usually lower than your house’s market value. Chances are, you’ll want to use a different valuation.
- Appraised value: A professional appraiser inspects your home and sets a value based on factors like location, size, condition, and neighborhood comps. This method of valuation is regularly used in the home-selling process, especially when financing is involved.
- Market value via comparative market analysis (CMA): Real estate agents use CMAs to set listing prices. They usually look at nearby houses of similar size and type sold in the last six months, typically calculating the value based on 250-square-foot intervals.
How to find out your home's value before selling
There are several ways to assess your house’s worth in Jacksonville before you put it on the market. Here’s a breakdown of some potentially helpful methods:
- 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 they may not give you an accurate figure.
- FHFA House Price Index (HPI) calculator: This tool estimates home value changes over time based on the average appreciation rate for your area. While more accurate than some other online calculators, the FHFA HPI average doesn’t factor in considerations like the state of your home. Plus, the HPI calculator average is based on the entire Jacksonville housing market, which means it is lumping a lot of different neighborhoods and kinds of property together.
- Hiring a professional appraiser: A home appraiser provides a detailed valuation by evaluating your house’s size, condition, location, and comparable sales. A professional appraisal can be considered a reliable source of home-value information.
- Comparative market analysis (CMA): 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 a trustworthy 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 Jacksonville property has unique features, like an in-ground pool, or unique disadvantages, like code violations, an appraisal can make a lot of sense. According to Angi.com, the average US seller can expect to pay around $350 for a home appraisal.
Common mistakes to avoid when valuing your Jacksonville house
- Relying too much on online tools: Online calculators can be inaccurate and should be used with caution when setting a home sale price.
- Not paying attention to the market: Try to consider whether it’s a buyer’s or seller’s market when you price your house.
- Not factoring in home improvements: Failing to consider the value of past upgrades can lead you to undervalue your property, while overlooking essential repairs and renovations can lead you to set your price too high.
- Overlooking selling points: Special characteristics like swimming pools and updated appliances can add value if marketed correctly.
We Buy Ugly Houses® buys many kinds of property.
If your home value isn’t ideal for the Jacksonville market, or if you simply want a fast, no-hassle, “as is” sale, give We Buy Ugly Houses® a call. Our Jacksonville team considers properties of various types in just about any condition. You don’t even need a real estate agent!
Get in touch today to find out how easy home-selling in Jacksonville can be!
