Knowing the value of your property is a key first step when you’re getting ready to sell a house in the Seattle area. It can make the difference between a profitable home sale and one that doesn’t live up to expectations.
Here’s what to consider when calculating your house’s value.
Why knowing your Seattle home’s value is important for planning a sale
Calculating your home’s value helps you set an effective home sale price. The right price should make your property more appealing to serious buyers and cut down the time to closing. Overpriced houses can be tough to sell. Underpriced houses may sell quickly but prove less profitable for the seller.
By calculating the value of your Seattle home, you can:
- Set a home sale price that will draw the right potential buyers.
- Avoid lowering your asking price or even having to re-list your property if you don’t get offers.
- Make better decisions about home repairs or renovations before putting your house on the market.
Factors that affect your home’s value in Seattle
Several key factors impact the value of houses in Seattle. These include:
- Location: Proximity to top-notch schools, popular green spaces, shopping, and other Seattle amenities can significantly influence your home’s value. Desirable areas like Capitol Hill, Queen Anne, Ballard, and suburbs such as Bellevue, Kirkland, and Redmond are known for their access to excellent services and community appeal.
- Condition and age of the house: The age and condition of your house will typically impact property value. New construction and well-maintained older homes tend to hold more value.
- Recent renovations or improvements: Updated kitchens, bathrooms, and living areas, as well as amenities like garage apartments and energy-efficient home features, can increase the value of Seattle homes.
- 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, you might need to sell for a lower price.
- Size and layout: Larger houses tend to hold more value, especially if they offer attractive layouts and features.
- Comparable homes in the area (comps): Recently sold homes in your area that are similar in size, style, and condition can be used to calculate your house’s value.
Types of home valuation
Here are the three main types of valuations you should consider when it’s time to sell your Seattle house:
- Appraised value: A professional appraiser evaluates your house’s worth based on factors like location, size, condition, and comps. This method of valuation is almost universally used in the traditional real estate market, especially when buyer financing is involved.
- Market value via comparative market analysis (CMA): Real estate agents use CMAs to estimate home value by comparing your house with similar homes sold in the last six months. They look at nearby houses of similar size and type, typically calculating the value based on 250-square-foot intervals.
- Assessed value: This value, determined by government assessors, is used for property tax calculations. This number is usually lower than market value. Most sellers wouldn’t use assessed value to set a sale price.
How to find out your house's value before selling
There are several ways to assess your house’s worth in Seattle before you put it on the market. Here’s a breakdown of some potentially helpful methods:
- Hiring a professional appraiser: A home appraiser provides a detailed valuation by considering your house’s size, condition, location, as well as comparable sales in your neighborhood. A professional appraisal can be considered a reliable source of home-value information
- Comparative market analysis (CMA): A CMA, conducted by a real estate agent, compares your home to recently sold properties that are similar in size, layout, and location. CMAs are regularly used by real estate agents to set prices for home listings.
- FHFA House Price Index (HPI) calculator: This tool estimates home value changes over time based on average appreciation rates in your area. While more accurate than other online calculators, the average doesn’t factor in your neighborhood and the current state of your house.
- Online home valuation tools: Online calculators are good for getting a rough idea 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 be accurate.
When to consider a professional appraisal
If you don’t think comps and online tools are going to give you the full story, investing in a home appraisal might be wise. 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 Seattle house
- Not factoring in repairs, renovations, and updates: 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.
- Just using automated tools: Online calculators are often inaccurate and should not be taken as the final word when setting a home sale price.
- Ignoring market conditions: Try to consider whether it’s a buyer’s or seller’s market when you estimate a sales price for your house.
- Overlooking unique features: Special characteristics like covered outdoor areas can add value if marketed correctly.
We Buy Ugly Houses® buys various kinds of properties.
We Buy Ugly Houses in Seattle considers many property types, ranging from turnkey houses to fixer-uppers with significant problems. We purchase houses in Seattle and the surrounding area. We keep the process simple by buying “as is,” and we can sometimes close on your house in as little as 3 weeks.
When you need a fast, convenient sale, make We Buy Ugly Houses your go-to!
