Selling Lakes Region Real Estate
Finding Out the Value of Your Home
Your home's market value is an important factor in a long list of financial decisions, including selling the home, refinancing your mortgage, borrowing against your equity, estimating your annual property tax bill, buying homeowner's insurance, calculating the expected return on remodeling costs, managing your other investments, estate planning and so on. The trick is figuring out how much your home is worth -- and remembering that how much you paid for it months or years ago isn't relevant to its current market value. It's not a bad idea to gather information from several sources and compare the findings, rather than relying on just one approach to home valuation.
Call a Couple of Real Estate Agents
Agents are always willing to give free market analysis. This is also a good way to find an agent you are comfortable working with. Be careful of agents who will give a high price on an analysis to win the listing however. Check the agents record to see if they sell close to original listing price. Avoid listing your home too high, a good agent can give you all the stats showing similar sales and the amount of time it took for those to sell. If you want a free market analysis from me please contact me.
Purchase a Professional Appraisal
Unlike a CMA, a professional appraisal is not free. However, the several hundred dollars you'll pay for an appraisal, depending on size of your home and the complexity of the work, could be money well spent if you're making a major financial decision that hinges on the value of your home. Appraisers rely on an in-person inspection of your home, recent sales of comparable homes and other data to arrive at an opinion of value. The appraiser's report is a full-blown description of your home and the criteria used to formulate the valuation.
Go to Neighborhood Open Houses
Open houses are a good opportunity to view comparable homes for sale in your neighborhood and chat with real estate professionals about the local real estate market. Two caveats: It's not easy to be objective about your own home and you shouldn't assume that the listing price on a for-sale necessarily reflects the home's true market value. If you keep those points in mind, information gathered at open houses can be worth considering along with data from other sources.
As always the price you set on your home is your decision, and should be based on current market conditions. Real estate agents should not set the price, just give you a price range, but the bottom line is agents work for you.