If you’re buying, selling or refinancing a home, you’ll need to know the value of the property in order to take appropriate actions. The good news is that there are a few easy ways to find an approximate sale price for your Chicago home, and you can get a fairly detailed estimate with a few quick mouse clicks.
Dozens of websites offer tools to estimate value for homes. These resources work by looking at the recent sale prices of similar homes in the area. You can use these tools to analyze trends in your home’s value or to get general information about your property.
Some of the factors that can change how tools estimate value include:
Location, Size and Condition – Location has an enormous effect on estimate value. Real estate tools ask for your full address, which allows them to create a detailed analysis of local sales from public records. The size of a home and its relative condition will also play a role.
Taxes – Most estimates take local taxes into account, since taxes affect virtually every part of the sales process. High taxes can mean higher insurance costs, higher closing costs and higher overall mortgage payments, so buyers often look for homes in favorable tax environments.
The Local Market – While most people pay attention to the health of the national real estate market, local markets have a much stronger effect on individual home values. The market changes throughout the year, and some properties become more valuable during certain seasons. Sellers should pay close attention to these seasonal changes in order to maximize their returns.
Major Renovations or Improvements – Some websites ask about major home improvements and renovations, which can drive up values significantly in some circumstances. This is particularly true for older homes. However, it can be difficult to gauge the value of individual home improvements, so some sites do not ask detailed questions about renovations.
This is by no means a comprehensive list. Many other factors can affect home value, and no website can offer perfectly accurate value estimates.
However, homeowners can use online tools to supplement their own research or to monitor the market. Ideally, you should check your home’s value regularly, even if you don’t think that you’re going to sell or refinance your home in the near future. By keeping an eye on home value, you can effectively plan for the future.
Chicago Metro Area Real Estate Experts – Call Now 1 – 773 – 671 – 4663
If you are thinking about selling your Chicago IL home, we have years of experience and extensive training in cutting-edge, online marketing technologies for today’s competitive market. If you are behind on your mortgage and don’t know what to do, we are experts in Chicago IL short sale.
The first step in the selling process is to provide you with an in-depth comparative market analysis (CMA) on your home. We will then create a comprehensive online game plan to get your Chicago IL real estate in front of as many people as possible and get it sold as quickly as possible!
We also offer expertise in the home buying process, focusing on the Chicago area and surrounding Suburbs. Give us a call today for a list of Chicago IL homes for sale that are currently available in your area of interest.
As an investor, we have several services available in the preparation for the sale of REO’S and Short Sale properties. This includes a variety of professional sub-contractors who can do whatever is needed to prepare the property for sale. Once the property is ready, we can also help you with your unique marketing needs.
Whether your are looking to buy, sell, short sale or invest, we offer Chicago real estate services in the following counties:
- Cook County IL Real Estate
- Will County IL Real Estate
- Du Page County IL Real Estate
- Kane County IL Real Estate
- McHenry County IL Real Estate
- Lake County IL Real Estate
Adam Balawender, Realtor®, CDPE
Real Estate Pro Chicago – Remax, City
Cell Phone: 773.671.4663