What is your home worth? You may have heard it called your home value, your market value, or a comparative market analysis. Basically, all of these refer to what your home would be worth if it was listed on the market today. It is an estimate of how much your home would sell for, or how much a buyer would pay for it today.
Figuring your home’s market value is a process that looks at other recently sold homes that are comparable to yours. Preferably, these homes would have sold within the last three months. Sometimes a longer window is considered if not a lot of homes have sold in your area. However, market value is time sensitive and several factors are looked at to determine value.
- Location. Where your home is located affects its value. Whether or not your home is in a town or a borough, out in the country, near shops and restaurants, or close to highways for commuting will appeal to different buyers. School districts also can play a big role in buyer appeal if they buyers have school-aged children. Your home has to be compared to other homes in the same location.
- Size. Is your home a large home with a lot of living area, or a smaller home perfect for downsizers? The number of bedrooms and bathrooms, the size of the rooms, a finished basement, and so on affect the value of your home. Your home has to be compared to homes of a similar size, living space, and square footage.
- Detached or Attached. Is your home a stand alone home or is it attached to another home, such as a townhouse or condo? Some buyers are only looking for a detached home while others want to live in a community of connected homes. Your home can only be compared to other homes that are the same as yours, whether attached or detached.
- Features. There are several other features that come into play with your home value. These include the age of the home, garage spaces and parking, the size of the lot, decks and patios, and outbuildings. For example, if your home has acreage, the land will add to the value of your home. Each of these features can add or subtract from your home value.
- Condition. Price always reflects condition. If your kitchen and bathrooms are renovated, your flooring is new, and you have fresh paint on the walls, your home will be at the top of the market value range. If your home is outdated and needs repair, your home value will be at the lower end. Your home value is adjusted based on the condition of your home.
Determining the market value of your home takes a lot of research. You will be given a range, not an exact number, and will work with your realtor on deciding the list price. If you’re thinking of selling your home this year, you can get a preliminary market value now, and it will be updated when you are ready to sell. For your FREE MARKET VALUE, click here and fill in the form. It will come directly to me and I will personally create a market value report for you.
By Launch Kits