Determining a Value for Your Home
The local market will ultimately determine the value of your home. An unsentimental look at the value of your home can save time and disappointment. The amount you spend for home upgrades becomes a selling feature of your home but is not always reflected in what a home sells for.
Factors that typically determine the price of a home are:
- Location
- Size
- Style
- Condition
- Some upgrades
- Community Amenities
- Market Conditions
Request your real estate agent to provide you with a comparative market analysis (CMA) A CMA will show you the selling prices of similar houses in the neighborhood, those currently on the market and those that did not sell. Those that have recently sold represent what buyers are willing to pay. Homes that are currently listed represent the price that sellers are hoping to get and listings that have not sold represent those that were overpriced or not marketed properly.
Conduct your own research. Visit homes in your area that are having an open house. Compare your home to what is being offered. Once you visit a few open houses you will get a general idea as to the market value of what is on the market and how they compare to your home.
