Since your beach home or condo in South Walton is one of your most important assets, knowing its value can help you make future decisions, whether selling, refinancing, or planning investment strategies.
If you want to check the value of your home today, these three methods are the most common approaches, but they each serve distinct purposes:
Appraised Value Appraised value represents a professional opinion at a specific point in time and for a specific purpose, such as for a home purchase and refinancing. To determine an appraisal value, a licensed appraiser assesses various factors, such as size, condition, location, comparable sales data, and market trends. Professional appraisals can cost $300-$400 or more.
Assessed Value The assessed value is assigned to a property by a tax assessor to calculate how much money the homeowner will have to pay in local, county, and state taxes. The assessed value may lag behind market fluctuations because reassessments are conducted on periodic cycles or are triggered when there’s a major renovation or a change in ownership, such as the sale of the property.
Market Value Market value refers to the price a property would likely sell for in the current real estate market. Market value is influenced by factors such as property location, condition, size, features, supply and demand dynamics, and recent sales of comparable properties in the area. Real estate professionals, such as agents or brokers, perform a fair market valuation using market analysis and comparable sales data to estimate a property's worth.
Can I find the estimated value of my home using online tools?
To estimate a home's value, online home evaluation tools use a combination of data sources, such as recent sale prices of similar properties in the area, local market trends, and property characteristics. Some popular online tools for estimating home values include Zillow's Zestimate, Redfin's Estimate, and Realtor.com's Home Value Estimator.
Since these tools rely on algorithms and publicly available data, they usually cannot account for specific factors influencing a property's value, such as unique features and renovations, not to mention the hyper-local nature of real estate.
For example, comparing properties of similar age and size in the zip code 32459 can return results in several beach communities along 30A and NORTH of Hwy. 98, areas with very different market values. An experienced local agent will have a deep understanding of our local market conditions, including recent sales, current inventory, and emerging trends, that will help you avoid overpricing or underpricing, ensuring you get the best value for your property.
How to Maximize Your Home's Value
Popular design features and trends can change over time, and their impact on home values can vary depending on the local market conditions and buyers' individual preferences. If you're looking for ways to strengthen the value of your 30A beach home, here are some common characteristics of homes in South Walton that can significantly affect the value of your property besides location and market conditions:
Size and Layout Generally, larger homes with more usable square footage, ample bedrooms, and bathrooms tend to have higher values. When the home has a smaller scale, such as a beach bungalow or cottage, a functional layout that maximizes space and provides a good flow between rooms can also contribute to value. Decide if there are ways to improve the flow of your home by talking to an experienced agent or interior designer.
If you're thinking of adding on to your Beach Cottage, consider a Carriage House instead. Compared to a whole-house renovation or addition, adding a Carriage House can be more cost-effective and add significant value, versatility, and a degree of historic charm and curb appeal. There are many ways to customize options, including adding storage for vehicles, boats, or other beach toys, creating a private retreat for family, or using it as a rental property, a home office, gym, or studio.
Condition and Upgrades Aging homes that appear to be less structurally sound or have aging electrical and plumbing systems will be immediately less attractive to a buyer looking at similarly sized homes with all new features. Well-maintained homes, upgrades, and renovations that enhance the home's functionality, aesthetics, or energy efficiency can add value. Examples include kitchen and bathroom remodeling, updated appliances, new flooring, energy-efficient windows, and modernized systems (HVAC, plumbing, electrical).
Quality of Construction In a competitive market, homes with the most curb appeal get the most views and interest. The attractiveness (or lack thereof) of your home's exterior has as much to do with maintenance and the quality of materials you use as it does with targeted updates. For this reason, investing in and taking great care of your home's exterior is essential, particularly if you plan to market your home for sale soon.
Amenities & Extras Whether it's for personal use or expected to generate rental income, most buyers looking at a second home on 30A will likely consider one with a pool, additional entertaining spaces like a deck or patio, and updated technology such as Smart-Home features that allow them to check in on their investment property when they're not there. Before making costly changes, ask an experienced real estate agent for guidance. They know how the homes in your neighborhood are performing and what features you may be competing with.
Whether you're deciding if the timing is right for you to sell or you're considering tapping into your home's equity, we're here to provide you with accurate data about your property's value and to help you navigate today's real estate market.
If it's been a while since you've had a current, full market assessment of your property, reach out for a Customized Property Valuation Consultation.