Confused About Your Home’s Value? Find Out With These 3 Ways

Short of an actual appraisal, the estimated value of a home can be determined by various methods. It can vary dramatically based on several market factors, such as interest rates, the number of homes on the market, and buyer demand. How do you price your home with all those variables?

When it comes to true value, a home’s structure, condition, and systems are critical in determining an appraised amount, but many features that a potential buyer would enjoy may not increase that appraisal number. For example, a built-in bookcase, a reading nook in a bay window, or draperies included in the sale may be features that attract more buyers. As a result, demand becomes higher and may fetch a higher offer amount, but those features still won’t affect the appraised value.

As a professional real estate agent, one of my jobs is to keep abreast of these factors and provide a more accurate estimate for you when suggesting a sales price. My website can automatically provide some information, but here are 3 different ways to arrive at a suggested listing price:

1. AUTOMATED HOME PRICE VALUATION
   Also known as an AVM (Automated Valuation Method), this method gives two different independent estimates of a property’s value using statistical models and aggregated nationwide data.
   
   To receive your free, no-obligation estimate of your home’s value, click the “Instant Home Estimate” link above. Enter the property address and/or other required information to receive at least one estimated property value. Other ways to find the value is to do the same at Redfin, Zillow, Chase, or Realtor.com, but keep in mind that each one has its own drawbacks. Some tend to price a little high, while others don’t have very recent data. Your most accurate estimate, aside from a full appraisal, will be a Comparative Market Analysis (CMA), and I can provide that to you at no obligation.

2. DETAILED MARKET REPORT
   To get a better understanding of what your home is worth, aside from the statistics and numbers provided in an online estimate, the local real estate market needs to be considered. If homes are scarce and demand is rising, the value of your home will also rise. On the other hand, your home’s value may decrease from the estimates if there are too many properties on the market and/or demand is low. A market report will provide data indicating whether the estimate should be increased or decreased based on average sale prices, days on market, list-to-sale price, and more. To receive a free Market Report for your area, click the “Area Market Report” link above, or reach out directly to me.

3. COMPARATIVE MARKET ANALYSIS
   While the first two methods are quick and easy, they only provide a general estimate of value. To get a more accurate estimate for an individual property using other market conditions such as specific neighborhood demand, desired school districts, and more, I would suggest requesting a Comparative Market Analysis (CMA). In a CMA, I will use MLS data on current and recently sold properties, square footage, age, and other essential factors of your home, then combine that with market conditions and property demand to give you a more accurate estimate of what your home might bring in today’s market.
   
   To help you better understand why a CMA is so important, please read “How A CMA Can Make You Money On The Sale of Your Home“. With a CMA, I am confident I can help you arrive at a price that’s appealing to today’s buyers while maximizing your sale price. To request it, just click the “Complimentary CMA” button above. 

Regardless of which home valuation method is used, the ultimate indicator of a home’s value will be determined by potential buyers and their offer(s). The more a property appeals to a buyer, the higher its value. Not only can I provide you with a home value estimate using established methods and standards, but I can also give you tips and suggestions to increase your home’s appeal. Just ask me how!