There is one question I field most often when visiting with homeowners who are thinking of selling their homes in Billings: “How much is it worth?” It’s only natural. After all, the housing market is moving at warp speed, driving home values to new heights.
If you’re thinking of selling your Billings home, knowing how much equity you’ll get at closing is an important consideration. So, dig out your loan papers to find out how much you owe, then you can deduct that from your calculated proceeds from the sale. That chunk of money is what you’ll walk away with, or use as a down payment on another home.
How to find out your Billings home’s market value
There are several ways to figure out, at least roughly, what your home is worth on today’s Billings real estate market. The most reliable (because your buyer’s lender will require one) is with a professional appraisal. Be aware that professional appraisals in Billings start at $550.00 and go up depending on location and loan type. (VA loans are $800.00)
Experienced real estate agents typically match or come quite close to an appraiser’s value and our services are free of charge. Why? Because we’re hoping that you will choose to list with us when you decide to sell your home.
No, there is no obligation on your part to use us, but the hope is there when any agent supplies you with a Comparative Market Analysis (CMA).
We don’t recommend that you use the automated online home value calculators. In fact, sites such as Zillow, are notorious for providing inaccurate estimates of home values. According to the Chicago Tribune’s Kenneth Harney, there is an almost 90 percent chance that Zillow’s Zestimate on your home will be off by at least 20 percent. Montana is a non-disclosure state, so this means that the sold price is not public information. Zillow and all those on-line valuation programs are just guessing what the value of your home is.
Remember, real estate is always local and there is simply no substitute for experience in the city and in the neighborhood.
There is no substitute for local knowledge
Only local real estate agents keep abreast of recent sales in the area and only we know the extenuating circumstances about why a particular home sold for less (or more) than it should have. I have even been contacted by appraisers for my knowledge of information about certain neighborhood sales.
No, being able to determine a home’s market value doesn’t require the IQ of Stephen Hawking, but it does require lots of experience and deep knowledge of the history of Billings’ housing market.
Feel free to contact us if you’d like a free determination of your Billings home’s value. No strings attached ― we promise!