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How to determine how much your home is worth in Alaska

The value of your home is not simply determined by how much you paid for it and how much you have subsequently spent to improve it. The market value of your home changes with time. In today’s market, it is very important to price your home right. On one hand, you do not want to find yourself in a position whereby you undervalue your home, the implication of this is that you are going to sell at a loss.

On the other hand you do not want to overprice your home as same would make it remain unsold in the market for a very long period of time. If you are selling your home in Anchorage and the valley areas of Alaska, you can’t just put a ‘for sale’ sign in front of your house and wait for prospective buyers to start calling you with their offers. There are certain steps that you need to take in order to determine the highest competitive price for your home.

Look For Comparable Properties In Your Neighborhood

One of the reliable ways to ascertain the true value of your home in Anchorage and the valley areas of Alaska is to get a median value of all the homes that sold in your neighborhood or similar neighborhood within the last six months. This factor works well in Alaska but same does not apply in highly populated states like New York. Working with a real estate professional will usually make it easier for you to access the prices at which homes sold in your neighborhood or similar neighborhoods within six months. If you are not working with a professional, you can investigate online resources listing current real estate transactions. On the otherhand, you can talk directly to your neighbors who just purchased their houses or people you know who recently sold. In order for this method to work efficiently, it is advisable that the properties to be surveyed match your home in age, size, style and amenities.

Home Value Calculators

Another way to know the true value of your home in Alaska is to use home value calculators. There are several online home value calculators that can help you determine the estimated value of your home without stress. Some of these online apps are developed and operated by reputable institutions like Chase Bank (https://www.chase.com/mortgage/mortgage-resources/home-value-estimator) These online home value estimators could be very reliable and would provide a ball park estimate of the value of your home provided that you supply all information correctly. It is highly recommended that you seek the help and expertise of a real estate agent while using a home value calculator.

Consult A Real Estate Agent

A very easy and reliable way to get the true value of your home is to consult a real estate agent who has carried out several transactions in the Alaskan real estate market. A real estate agent who is active in Anchorage and the valley areas of Alaska would easily be able to ascertain the true value of your home. You can ask for recommendations from family, friends and neighbors who have recently done real estate transactions.

An experienced real estate agent would intelligently compare your home with recent sales and current listings and weigh those factors against the rest of the market in order to determine a competitive price for your home. The two most popular methods that real estate agents use to ascertain the actual worth of a home is either through a property appraisal or comparative market analysis. Property Appraisals are based on the logic that every home is unique. A real estate appraisal involves a real estate agent taking into consideration several factors such as condition of a home, age, style, size, amenities in other to estimate the current value of the home. In order for a property appraisal to yield the desired results, a homeowner should be honest and accurate with any information being supplied to a real estate agent. These includes, details of home upgrades, condition of amenities in the house, age of amenities among others. On the other hand, a comparative market analysis relies on the prices of other similar homes that recently sold in other to determine the current value of your home.

 Contact Local Listing Agents

One innovative way to know the value of your home is to contact listing agents in Alaska for the prices of comparable houses on sale. When you know the asking price of three or more homes that are similar to yours in structure, size and style, it is a great way to get a reliable estimate of how much your home is worth.

Ask For A Property Profile 

Another way to ascertain the true value of your home is to ask for a property profile from a reputable insurance company that carries on business in your locality. There are several reputable insurance companies operating in Alaska. One of them is State Farm. State Farm owns the largest share of Alaska’s homeowners insurance market. Allstate is another reputable insurance company that is very popular among homeowners in Alaska. These insurance companies keep data on real estate sales in every locality where they operate. Some insurance companies would provide you with a property profile for free in anticipation that you would purchase insurance from them. This property profile would include the current estimated value of your home.

In Summary

There are several factors that would come into consideration when estimating the value of a home. As a homeowner, you have more information about your home than anyone else can possibly have. In order to ascertain the true value of your home, it is important that you consider every detail that makes your home unique. If you recently upgraded your kitchen or bathroom, consequently, the value of your home would be higher than before the upgrade was done. Furthermore, if you have installed energy-efficient windows,then your home would be higher in value compared to other homes in your neighborhood with a similar style and size but without energy-efficient windows. In order to get the true value of your home, it is important to factor in every single detail that makes your property unique.
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