How do I know what my house is worth?

North Fork home values ​​are on the rise. This home on Pine Tree Rd. In Cutchogue is listed by Douglas Elliman for $ 2.295 million. (Photo credit: OneKey MLS)

If you pay any attention to the North Fork real estate market, you know stocks are low and prices are high.

Total year-over-year (YOY) sales increased 30.6% in the last quarter. In addition, the average selling price of $ 789,394 was 26.8% higher than the same period last year. The region’s median selling price also hit $ 620,000, a gain of 18.1%, according to the first quarter 2021 residential market report for the Hamptons and North Fork of Brown Harris Stevens.

Inventories fell 11% last quarter and 58.4% year-on-year, according to the Douglas Elliman Q1 2021 North Fork sales report.

If you are considering capitalizing on the demand for a property in North Fork by selling your own, you may be wondering how to best value your home.

In the past, potential sellers could rely on comparables, or comparisons, to see how much similar homes were selling for, in order to gauge the value of theirs.

With a sizzling market, this strategy alone may not work.

“The market is constantly changing, now more than ever, so past home sales quickly become stale as a guide to current or future value,” said Bridget Elkin, Certified Real Estate Salesperson, Compass. “On North Fork, where the properties and neighborhoods are so diverse, it’s a bit more complicated than it would be in a suburban setting with more consistency.”

Elkin said the best way to determine the value of your home is to seek the services of a real estate agent who can perform market analysis.

“The analysis will involve making a list of relevant home sales and making adjustments for the condition of the home, its location, and the unique characteristics of the home and property,” she said.

There are many factors that go into determining the value of a North Fork home. They include understanding the condition and location of the home, proximity to beaches and private parks, notified beaches or docks, and special features and amenities of the home, said Susan Orioli, broker / owner, NOFO real estate.

“All of these elements taken together are used to compare the home to that of recently closed properties in similar areas to determine pricing,” she said. “It makes sense for a seller to use a knowledgeable local real estate agent who knows the current market and will represent the seller’s best interests from start to finish, especially starting with a correct listing price. Price matters, even in a seller’s market, because the goal is to get the highest selling price in the most efficient way.

Some homeowners may turn to the Internet and real estate websites that use algorithms to verify the value of their home. Kristy Naddell, Certified Associate Real Estate Broker, Douglas Elliman, said it was a bad idea.

When appraising a property, “it’s important for an agent to view a home in person, or via FaceTime, and review any improvements made to the home,” she said. An online estimate may not be as accurate, she said, because “it uses an algorithm to determine the value, but it does not take into account many important factors.”

The good news is that securing the services of a real estate agent to provide a home appraisal is not only the most reliable method, but also the most cost effective.

“The fastest and most accurate way is to ask a real estate agent what price your home would sell for under current market conditions,” said Thomas McCloskey, Certified Associate Real Estate Broker, Douglas Elliman. “This is a service that many high profile agents will provide for free. “