Whether you’re looking to buy or sell a home in the York County, Pennsylvania area, it is important to understand home values and how they work. Listing your house at just the right price means you can check all of your wishlist boxes and have a successful sale. And knowing a home’s actual value before placing an offer can help you make informed buying decisions.
So how do you know what a home’s true value is? There are four key tools and resources we recommend for this – and we’re breaking each one down below. Learn more about home values in York, PA, and how to assess each correctly.
1. Tax Assessed Value
Tax assessed value refers to the dollar value assigned to a home or other piece of real estate for property tax purposes. It takes into account the value of comparable properties in the area and other additional factors. In many cases, the assessed value is calculated as a percentage of the fair market value of the property.
How do you find a home’s tax-assessed value? First, go into your county’s tax assessment database. This tool summarizes the tax assessment that you or another homeowner is paying in property taxes. Keep in mind, there is typically a margin of error here, and the value you find isn’t always accurate to the home’s current state.
2. Use an online valuation tool
Online valuation tools are another great way to find free home values and estimates for listing prices. For example, Zillow’s zestimate tool can give you a ballpark value on a home based on the property, other homes in the area, and previous sale prices or rent. While Zillow isn’t going through the actual house, nor is it considering the home’s condition, this can give you a general idea of the value.
You can also use multiple online valuation tools to compare differences between one another. Taking the average of those assessments may provide additional insight into a property’s true value.
3. Get an appraisal
Appraisals are a reliable and traditional way of getting a home’s value from an expert in the field. While this option does cost money, it gives a much more detailed appraisal of your home than the first two options. Remember that every appraisal will be different, so understanding that the appraisal number will vary can help give context to surprisingly high or low values you may see.
4. Comparative Market Analysis
A comparative market analysis (CMA) estimates a home’s value based on recently sold, similar properties in the immediate area. Often real estate agents and brokers create CMA reports to help sellers set listing prices for their homes, or, in some less common cases, to help buyers make competitive offers.
Most real estate agents will do this for free for those looking to sell their homes, but contact your local agent to learn more about their process and possible costs.
Find or sell your home in York, PA
If you’re ready to find your dream home in York, PA, or are looking to move elsewhere and are ready to sell your property, the Matt Weaver Group would love to help. We are here to answer your questions, handle the heavy lifting, and ensure your home buying or selling experience is a positive one.
Contact us today to get started!
