Foreclosures hit a six-year low in 2013–a strong economic indicator. And if you live in the Bay Area, it is hard to miss the countless headlines discussing skyrocketing home prices and low inventory. The Bay Area’s real estate market will continue to be healthy in 2014; news we have all been hoping for! Whether you’re planning to buy, sell, or stay put this year, you’ll want to know the value of your home. But how do you determine your property value?
The number one best way to determine your property value is to research the recent selling prices of similar homes in your neighborhood or nearby areas like it. Search recently-sold properties in your area on Realtor.com. Select your city, and other criteria such as number of bedrooms, square footage, price, and property type.
There are also many factors that will enhance your property value:
1. Safe neighborhoods
2. Good neighborhood schools
3. Easy access to the highway and/or public transportation
Web tools can also help you determine your property value. On Zillow.com, simply enter your address and click “Zestimate” to see information regarding the last sell date and price, square footage, and current selling and rental price.
Do you have property value tips to share? Join the conversation in the comments section below!