Are you planning to buy or sell a home in Irvine, CA? If so, the first step of a successful real estate transaction is knowing the market value of homes in Irvine. When you know how much homes in the area are worth, it prepares you for a successful real estate transaction. 

However, many home buyers and sellers don’t realize that value can have two meanings in real estate: market value and appraisal value.

In this post, our realtors at Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team will discuss the difference between both types of value. That way, you can understand the difference, make an informed decision, and successfully meet your real estate goals.

What Is Market Value?

So, what is market value in the first place? Market value refers to the price of homes in the current real estate market. Market value is based on the law of supply and demand, so it’s essentially whatever home buyers are willing to pay. If there are more buyers in the market and competition is heavy, then market value will increase and prices will be driven up.

If there is less competition in the market, then demand will fall along with the market value of homes in the area.

Understanding the market value of homes in the area is important for home sellers in Irvine, CA, because it ensures they’ll get top dollar for their sale. For home buyers, understanding market value is crucial to make sure they don’t overpay for a home.

How is Market Value Different From Appraisal Value?

While market value is determined by supply and demand, appraisal value is calculated differently. The appraisal value is the value of your home as determined by a professional appraiser. It may or may not align with the market value. 

For example, the appraisal value of your home may be higher than the market value because it has certain features that aren’t apparent just by looking at it from the outside. This could include brand-new appliances or new flooring.

Typically, appraisals are ordered by home buyers as part of the mortgage application process. However, nothing is stopping home sellers from ordering one as well.

When an appraisal is done, the professional will consider all aspects of the property, both interior and exterior. Some factors that are taken into consideration by appraisers include square footage, location, interior design, age of the house, landscaping, and renovations. Other homes in the area are also used as a comparison.

Why Is It Important to Know the Market Value of Homes in Irvine?

Knowing the market value of homes in Irvine is important because the data can be used to accurately assess the worth of your own home. This way, whether you’re buying or selling, you’ll know that all parties to the transaction have a baseline understanding of the home’s value. 

Home buyers want to pay less and home sellers want to get as much money as possible. With the market value in place, each side will know the price expectation and can use it as a jumping-off point for negotiations.

3 Ways to Find the Market Value of Homes in Irvine, CA

Market value is something you will have to calculate, whether through online tools or by hiring a professional. Here are three of the top ways to discover the market value of homes in Irvine:

• Online Home Valuation Tools: Online home valuation tools are a good way to get a rough estimate before confirming with a real estate professional later on. There are many online home valuation tools available, and some of them are free to use. However, be careful when using these tools, since they tend to be inaccurate. 
• Professional Appraisers: For the most accurate and detailed valuation, hiring a professional appraiser is the ideal option. It isn’t free, so be sure to consider the cost.
• Realtors: Part of any real estate professional’s job is to provide clients with the market values of their homes. They do this by conducting a comparative market analysis, which looks at all the currently listed and recently sold properties in the area.

Buy or Sell a Home in Irvine, CA, With Our Award-Winning Realtor Team

If you need help finding the market value of homes in Irvine, contact Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team. Our team can help you determine how much your home is worth if you’re looking to sell. If you want to buy a home in Irvine, we can make sure you get the best possible deal and don’t overpay. 

We’re continually ranked as one of the best real estate teams in Irvine. This is because we offer high-quality customer service, consistent communication, and unique buyer and seller guarantees.

These guarantees include our Guaranteed Sale Program for home sellers and Buy it Back Guarantee for buyers.

To learn more about our guarantees and what it’s like working with our team, give us a call at 626-789-0159. You can also fill out the form on this page.