The fair market value of your home in Maryland is one of the most important pieces of information you can have in the world of real estate. With this value, you will know the potential estimate of the price a would-be buyer would pay for your home under normal real estate market conditions. Keep in mind that the fair market value of your home is not the same as what’s received from a home appraisal.
The fair market value can be used for multiple reasons including calculating insurance claims and property taxes, but it can under some circumstances be a great negotiating tool when selling your home for a reasonable price.
Here are a few ways you can calculate the fair market value of your home:
Use Several Home Appraisals
While it will take some time and a bit of money, you have the option of ordering at least three different home appraisals. Odds are you will receive three different values which will allow you to pick the middle one and use that as the fair market value of your home.
Keep in mind that this process will be a bit of a dedication on your part as each home appraisal can take up to 2 weeks to be completed and can cost several hundred dollars per appraisal.
Check Recent Sales Prices in Your Neighborhood
One quick way to determine your home’s fair market value is to look at recently sold homes in your area and see what they sold for. This will give you a good idea of the asking prices that people are paying in your neighborhood.
Odds are that the houses in your area are mostly of similar sizes and have comparable properties so this can really come in handy if you want a quick way to determine your fair market value.
Try to use homes that were sold less than 6 months ago as anything sold longer than that may give you inaccurate results. The more recent the home was sold, the better. 90 days is a good range to start with.
Use a Comparative Market Analysis for The Fair Market Value of Your Home
As the name implies, a comparative market analysis will calculate the fair market value of your home by comparing it with other homes as part of a statistical overview. Your house will be compared to other houses based on similar factors such as size, property condition, location and more. This in-depth comparison is then used to infer what the fair market value of your home would be.
Learn More about Fair Market Value with Us
There is no simple way of finding out the fair market value of your home in West Virginia, or Maryland. The process is part math, part art. That’s what makes it tricky to figure out. But, you can simplify the process by choosing to work with an expert.
If you have any remaining concerns about calculating the fair market value of your home or property then do not hesitate to contact us at Appalachian Appraisal Services at any time. Whether you only want to use one method or as many as possible, we’ll help guide you towards the fairest price of your home possible.