Here are a few basics tips to figure out your home's value:
1) Find Past Sales of Similar Homes
The most important factor in determining your home's value is finding similar properties. In order for it to be a good comparable, the house should be of similar style, size, area, school district, amenities, and condition. Find homes that are similar to yours and check for any past sales, ideally no older than six months. If you live in a neighborhood where there are many houses like your own, this shouldn't be that hard. However, for some homes, it is hard to find good comparables. That is where the experience of a good REALTOR is necessary.
2) Condition is a Major Factor
The condition of a house can greatly affect it's value. Buyers will first notice the cosmetic condition. The homes with the highest sale prices are move-in ready and need little work. Is the carpeting worn or does the kitchen need updating? The buyers will also ask questions about the condition of major components like the roof, furnace, etc. Does the furnace need to be replaced soon? Is the roof newer or at the end of its life? These are larger expenses and definitely have an impact on the sales price.
3) It is Difficult to be Objective of Your Own Home
You have an emotional attachment to your own home. It is your home, and you love it. It's the best house in the neighborhood! It's great that you love the home, but that love tends to make people think it's worth more than other homes in the neighborhood. This is just something to keep in mind. If you are serious about selling and need to determine the value of your home, be sure to contact a professional.
If you want help in determining your home's value, simply call, email, or fill out this form. We will give you an accurate comparative market analysis and honest advice on home improvements, appealing tax assessments, or getting a property ready for sale.