The first step in the process of selling your property; whether it’s your primary residence, an investment income property or a piece of undeveloped land is to determine it’s fair market value. To determine fair market value for a residential or land property, the process of determining value is called a comparative market analysis. This simply means that your property will be “compared” to other similar properties that have recently sold in your “area.
Many sellers look to free websites such as Zillow and Trulia to determine what the “value” of their property is. Unfortunately, all too often, the values that these state are highly inaccurate, particularly for properties in suburban and rural areas. Why is this? The computer programming used by these cannot take into account the variations of each individual property and only compare highly “similar” properties within a neighborhood. But if there haven’t been recent sales of a like-kind property in your neighborhood, highly similar to your own, then the computer program will have little to compare it too.
If you’re interested in finding out the value of your property, free-of- charge, click here! We have been valuing residential and vacant land properties in Lake County for more than 10 years and know the market very well.