What is my home worth?

Various websites with “automated valuation models” will tell you one thing.  A computer program that has never set foot in your house, nor knows what kind of upgrades or amenities you have, really should be taken with a grain of salt.  A “neighborhood expert” will tell you something else.

The most knowledgeable source who can advise you what your home is worth is a professional, full-time realtor who understands the nuances of supply and demand in your particular neighborhood.

Broken down to its most basic form, here are guidelines to tell you what your home is really worth:

The Market Value of Your Home is NOT:

1.         What you have in it.

2.         What you need out of it.

3.         What you want.

4.         What it appraised for.

5.         What you heard your neighbor’s house sold for.

6.         What the tax office says it is worth.

7.         How much it is insured for.

8.         Based on memories and treasures.

9.         Based on prices of homes where you are moving.


The True Market Value of Your Home Is What a Buyer is Willing to Pay:

1.         Based on today’s market.

2.         Based on today’s competition.

3.         Based on today’s financing.

4.         Based on today’s economic condition.

5.         Based on the buyer’s perception of the condition.

6.         Based on location.

7.         Based on normal marketing time.

8.         Based on showing accessibility.


Properties That Sell in Today’s Market:  On a Scale of 1 – 10, the “10’s” Are The Ones That Are Selling.  How Can Your Property Be A “10”?

1.         By improving the condition dramatically.

2.         By offering good terms.

3.         By improving the way the home shows.

4.         By adjusting your price.


As a Seller you control:

1.         The price you ask.

2.         The condition of the property.

3.         Access to the property.


As a Seller you do not control:

1.         Market conditions.

2.         The motivation of your competition.

3.         Value