Selling a residence is a difficult process. For most people, it’s something that only has to be done once or twice in a lifetime; for others, it can happen once every few years. Either way, unless you are a professional realtor, you probably don’t sell real estate very often.

So what way works best? There’s no right or wrong answer to that question. Whether you are marketing your place after a renovation and appraisal or selling your fixer-upper home for cash, different selling methods work well for different circumstances. A good place to start is determining what your place is worth.

Property evaluation

Utah has a booming housing market right now. With housing prices figuratively going through the roof, how can you know what to list your residence for? There are a few different options for you:

-Use an online tool

-Have a real estate agent give you a comparative market analysis

-Use the Federal Housing Financing Committee’s (FHFA) price index calculator

-Hire a professional

Here’s what each of those means in a bit more detail.

Online tools

A large number of owners use online home value estimators to determine the value of their residence. These tools tap into a vast inventory of public records to determine value. These tools can offer a good ballpark guess for how much your place is worth but cannot confidently determine how close to Utah’s market value it is.

Comparative market analysis

Real estate agents use their versions of home value estimators. Their experience and professionalism will allow the typical realtor to evaluate a property much closer to its market value than an online tool.

FHFA price index calculator

Another virtual tool that owners can use is the FHFA price index calculator. This tool uses general listing comparisons for an area to average out what a typical home may cost in a market. Like other online tools, the FHFA price index calculator may not be reliable in determining a house’s condition. Factors such as the residence’s condition are used to calculate market value. For example, owners may sell a home in disrepair for cash much easier and faster than listing it at a comparable market value.

Hire a professional appraiser

Like a real estate agent, a professional appraiser is much more in touch with the local market. Appraisers are trained to evaluate a home’s value based on the region, repairs needed, and comparable properties in the area. Some factors, such as the need for repairs, can drive down the value and necessitate the need to get a quick cash offer for your home.

Many alternatives

Many options exist for individuals deciding between listing their home at competitive market prices or selling it quickly for cash. Depending on the situation and what part of Utah you are selling in, either option could work well.

Joe Homebuyer Utah is a real estate company that allows homeowners to sell their home for cash in Utah.