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Your Home Value

December 12th, 2014 | Home Values

House SearchingYou love your home. You’ve built memories there. You’ve put a lot of effort into making it yours with decorating and upgrades. But what your home is worth to you may not be what someone else is willing to pay for it.

If you are planning to sell your home, it’s important for you to know how NOT to try and determine your home’s value. Here’s a list from Realtor.com of some notoriously unreliable ways to determine an asking price:

  • Your home’s assessed value
  • Your home’s value as determined for insurance purposes
  • How much you owe on your mortgage
  • The value of your neighbor’s home
  • The amount you paid for it
  • What you want it to be worth

 

So what are accurate ways of determining your home’s value? Your Realtor can provide you with a Comparative Market Analysis. If you’re thinking about selling your home, a CMA is a great way to get an idea of what your home is worth in today’s market. An appraisal is another way to help obtain an accurate estimate of your home’s value, but plan on paying $300 to $500 or more for a report from a professional appraiser.