Are you interested in selling your San Diego home but need to figure out what it’s worth in today’s market? Do you need to sell your home fast and for cash?
With the ever-changing and fast-paced conditions in the San Diego real estate market, it can be difficult to gauge your home’s fair market value accurately. Not to mention, interest rates are rising, meaning the longer you wait to sell, the less your home will be worth. Simply put, you lose money and value the longer you wait!
The good news is that I Buy SD is here to help. We are experts in the San Diego real estate market and can help you determine the fair market value of your home. We will also make you a cash offer for your property as is. You’ll be able to sell it fast without making any repairs or dealing with any other hassles.
If you are interested in finding out how much your San Diego house is worth in today’s market, feel free to use our home selling calculator. To learn more about determining your home’s fair market value, keep reading.
What Is the Fair Market Value of a House?
In San Diego and California, in general, many people use the term “fair market value” when referring to the value of a property. Fair market value is defined as “the highest price that a buyer, willing but not obligated to buy, would pay and the lowest price that a seller, willing but not obligated to sell, would accept.”
In simple terms, it is the price where both cash home buyers and sellers feel comfortable with the transaction. Banks and other financial institutions often use the fair market value of a home or a rental property to determine how much a borrower can borrow. The same goes for courts, who often use the fair market value to determine how much money someone should pay in taxes or to settle an estate.
How Do You Determine the Fair Market Value of a Home?
However big the real estate industry is, there still needs to be a surefire way to find the fair market value of a home. The good news is that there are professionals trained to look at all the different factors to help you arrive at a fair market value. The value they’ll come up with is roughly estimated and based on the market conditions at the time.
Here is a list of what factors professionals consider in making their estimates:
- Size: The square footage, number of bedrooms/bathrooms, and the size of the lot all play a role in determining value.
- Location: The neighborhood where the property is located is also a significant factor. A home in a prime location will be worth more than a home in a distressed or inconvenient area.
- Comps: Comps, or comparable sales, are recent sales of similar properties in the same area. This is one of the most critical factors that appraisers and real estate agents look at when estimating value.
- Condition: The condition of the property is also a big factor, as properties that need repairs will be worth less than those that don’t. This is especially true if a home has suffered from fire damage, flood or water damage, and any condition that would make the property unsafe to live in.
- Tax Lien: Another factor that can affect value is whether or not there are any tax liens on the property. Tax liens are claims that a government entity has on a property because the owner owes taxes.
How Fair Market Value Affects You as a Seller
A quick fix to sell your home is to lower the price to meet the current fair market value. But, for someone who wants to get the most or at least the fair value of their home, there are other options.
If you happen to inherit a property in San Diego County, chances are that you need to gain more knowledge of the condition and maintenance of the property. Not to mention, you might live far away, making it difficult to deal with the property. The best thing to do is to sell the property as is and for a fair market value. This will help you avoid any future hassles and headaches with owning an inherited property.
Make sure to invest a little time in research and find a reputable real estate agent to help you through the process and ensure you get the best value for your property. You can also contact us at I Buy SD to get a fast and free cash offer for your home.
Selling a Rental Property
The great thing about rental properties is that you can sell them for a fair market value and still make a significant profit. Rental property often goes up in value year after year. The price you initially paid years ago will differ from what it’s currently worth.
The best way to find out how much your rental property is worth in today’s market is to contact a professional and licensed appraiser. They can tell you the current fair market value of your rental property so you can make an informed decision on whether or not to sell.
The Bottom Line
Fair market value is something that many homeowners and buyers alike often wonder about. It’s a tricky thing to determine, but there are professionals who can help you arrive at a fair price. If you’re selling a house, home or land parcel it’s always best to get an appraisal to know how much your home is worth.
If you’re in San Diego and are looking for a safe and fast way to sell my home fast San Diego for cash, contact I Buy SD. We will give you a free and fair cash offer for your property. Give us a call today!