When you decide to sell your house in Southeast Texas, it’s definitely a big step. Selling a house will involve a range of preparations and paperwork. You will also need to put considerable effort into finding a buyer and determining the best offer. The services of a professional and knowledgeable real estate agent will also be needed since they can help you deal with every step of the process, help you find the best buyer and conceal the deal to your benefit.
However, apart from all this, there’s one important step you will have to take in the first place, and that is determining the value of your house. It’s essential to do it right because it will define the success of your deal from the very beginning. So, read on to answer the question “What is my Southeast Texas home worth” and find out how to evaluate your home.
AVM is an automated valuation model, a technical tool usually offered by lenders or real estate websites. Normally, if you’re searching “What is my Southeast Texas home worth”, this is the type of tool you’ll come across. These tools are designed to predict the value of your property based on a wide range of data. It includes recent sales and local listing prices together with property transfers information, deeds of ownership, tax assessment, etc. Also, it involves mathematical modeling.
However, these tools don’t give you 100% accurate information since the data they use is rather limited. Professional-grade AVMs can be more accurate and give you more precise information on the expected price. However, you should consult with a professional realtor in any case to get a more accurate opinion and valuation backed by expertise.
After you get an approximate evaluation online and are ready to get a more precise estimation of your home, you can get a broker price opinion (BPO) or competitive market analysis (CMA). A BPO will include the real estate agent’s evaluation of the house and market which will help determine the value of the property. This is most helpful for the listings price.
CMA, on the other hand, relies on the sale value of similar properties as well as the value of improvements of your house and local changes that may influence the value of the property. For example, transportation, retail services or schools.
An appraisal is more detailed than BPO or CMA and in most cases is required by a lender to approve a mortgage or for financing a home. The appraisal includes an on-site inspection together with comparable sales, homes sold in the past six months that are of the same size as yours. Besides, the review of the local market will be included.
Appraisers evaluate the market, including the region, city, and neighborhood of your home; the property including the characteristics of the house, the improvements that were made and the land.