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5 Ways to Accurately Determine Your Home’s Value
If you’re like most people that are thinking about selling a home, the most important piece to the puzzle is how to correctly determine what your home is worth. There is no shortage of information online these days, but how do you know what is correct?
Here are five simple ways to accurately determine your home’s value:
Begin with at least two online estimates of value.
Basing all of your decisions on only one opinion of value is one of the biggest mistakes you can make. There are a multitude of websites that offer a value assessment option. Start with these but also know that there is much more that goes into determining the actual value of a home…
1.
Print out or write down the addresses for the comparable sales that were used in those online analysis.
Make sure there are at least 6 or more comparable sales that were used.
2.
Drive by the comparable properties.
Look closely at condition, location, the surrounding homes and any other factors that a Buyer might take into consideration when looking at your home. Take notes on what you see (both good and bad) to see how your home would compare when all of these factors are taken into consideration.
3.
Be HONEST with yourself!
When you return home from viewing the other homes in the report, take some time to sit down and review your notes. Look at your property as an impartial Buyer would and do your best to avoid being biased toward your own home.
4.
Consider getting an opinion of value from a trusted local resource.
There is no substitute for local knowledge. Having an understanding of the unique aspects of neighborhoods, what types of homes are currently selling and other local market factors are all critical components to achieving the most accurate value analysis. You can do this through a local appraiser, who will typically furnish a full appraisal report for somewhere between $400-$500.
