To say the US housing market has been unpredictable the past few years is an understatement. Some markets have fluctuated wildly. On the whole, Pittsburgh’s market has been nowhere near as crazy of a roller coaster ride as places like Los Angeles or Las Vegas but the Pittsburgh market was still affected by the 2008 real estate market crash and its subsequent recovery. As such, many homeowners do not have an accurate idea as to what their home is really worth.
And more times than not, if a homeowner is unsure of the value of their home, they usually believe it’s worth more than what it’s actually worth. It’s human nature for people to sometimes have outsized expectations regarding the price of their home. This is due to any number of reasons including only seeing the good elements of their house to having emotional connections to their homes, which can cause them to unintentionally elevate its price.
To get a more realistic picture, here are four primary ways to determine the price of your home or at least get a better ballpark idea than you may currently have:
- Have a look at your property tax bill and find the Taxable Market Value. Basically, this bill reflects what the government believes your home is worth. They may be wrong but it’s a good place to start.
- Go online. Type “home value estimators” into your search engine to find some sites that can give you estimates after you provide information such as location, square footage, year built, number of bedrooms/bathrooms, etc. You can also conduct a CMA online. CMA stands for Comparative Market Analysis. In a nutshell, you compare your home to similar homes that have sold in your area recently. There are numerous online websites, like Zillow and Trulia, to help you in this regard. These sites can only provide you with estimates. The key to accurately using “comps” is that you must be careful to compare your home to homes sharing similar features, lot sizes, age, etc. If your home has the same square footage as another home but were built in different years or with different materials, then those homes will obviously not be comparable.
- Hire a licensed appraiser. This one involves some out-of-pocket expenses on your part but it will likely give you your most accurate assessment.
After doing your research, you may feel much more confident in your ability to answer the question, “How much is my Pittsburgh-area house worth?”
Ultimately though, the most real-world answer to your question might simply be this: your home is worth as much as someone is willing to pay you for it. So, if you’re interested in selling it, we’re interested in speaking with you.
All Cash For Homes PGH is a Pittsburgh-based real estate investor that uses a fast and simple process to purchase homes. Because we aren’t a real estate agency, we never charge any agent commissions, which can run as high as 6% of the sales price, and also don’t charge you for any other incidental fees or closing costs.
After you contact us, we’ll present you with a free, no-obligation cash offer on your home. You are welcome to reject or accept our offer. There is never any pressure but, if you do accept it, we’ll pay you with cash and buy your property as-is. You don’t need to make any repairs and we normally close within 30 days.