What is Your Home Really Worth?

How many bedrooms? What’s the SqFt? How big is the lot?

All of these are great questions to help determine the value of your home, but remember, there are other factors. When pricing your home, keep the neighborhood in mind. You may have a luxurious house on a nice piece of land and kept it in pristine condition, but if your home is adjacent to a crime-ridden or rundown area, it can drive down the price. Conversely, if you have an older house in decent shape (maybe needs a little TLC) but resides in a nice neighborhood, your listing price could be much better than you thought. A helpful measure in all of this is having your realtor run a comparative market analysis, or CMA. This will show how other, similar homes in your area are selling and for what kind of price.

Remember, a Comparative Market Analysis is not Gospel, though. It is a great source of statistical analysis based on empirical data to help hypothesize a reasonable price (technical enough for you?), but it will not take into account whether or not these similar homes are in your specific neighborhood or how often homes are selling. The takeaway from all of this is use the CMA as a guide, but trust your Realtor to help you find the right listing price. If you just want a general estimate of your home’s worth, there are a multitude of Home Valuation tools out there, but your best bet is to Contact a Realtor and discuss it.

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