What Is My Home Worth?

How much? What is my home worth?

The number one thought in a homeowner’s mind is always related to the value of their home. Whether you are looking to sell or not, it is essential to know the value of your home. Many people like to price their home based on what they need to purchase their new home. However, this is a weak factor to base your home value. Puting a price tag on your home, a place filled with memories and dreams can be very tricky. Let’s first take a look at what to avoid before determining what your home is worth.

Avoid Overpricing

A high price may scare away buyers. Pricing a house accurately is extremely important right off the bat. Potential home buyers search for homes online using location and price as their search fields. If your home is over their budget, it will never come up in a potential buyer’s online searches. Your house will not be found in a list of possible properties if the home is incorrectly priced. It is crucial to price your house accordingly.

Many factors decide the value of a property aside from what you originally paid for the home and what upgrades you have put into the house.

What Are the ‘Comps’ for the Area

The best way to determine a house value is to look at what the comps are for the area (comparables). Reviewing comps is the one correct way to decide what your house is worth. For example, if a home in similar condition as yours with four bedrooms, two bathrooms and the same property size recently sold for $320,000 in the last few months; yours likely will also. Your area will determine how much you can get for your house. If homes in your area have decreased in value, yours will have too. Recent sales in your neighborhood with similar features to your house will give the most accurate representation of value.

What Upgrades Have You Made

After you purchased your home, did you upgrade anything or have you left it the same over the years? Have you kept up with the wear and tear of the property? Have you renovated and updated rooms that have gone outdated? Certain renovations will give you a return on your investment and help increase the value of your house. However, if your upgrades are outlandish and far out of the box, you cannot expect to receive back every cent you have put into the house.

Room to Negotiate

Price your house so there is some wiggle room. Buyers love to negotiate, and if you leave some room at your price, you may be able to seal the deal at a number you are both comfortable.

Need Help?

If you are unsure how to value your home or need help find comps in your area, don’t hesitate to reach out to me. Finding valuations for homes is one of my specialties. Fill out our form, and I will be in touch quickly to answer any questions you have!