How Much Is My Home Worth?

Are you curious about how much your home is worth?

Whether you're looking to sell your property or just want to know its current value, it's important to have an accurate estimate of your home's market value. If you own a home, you know it's one of the most significant investments you'll make in your lifetime. Whether you're planning to sell your property or not, understanding your home's value is crucial. It helps you make informed decisions about your financial future and plan for your next move. Fortunately, finding your home value has never been easier!

How to find home value estimates online

One of the easiest ways to find your home's estimated market value is by using an online home value estimator. Simply enter your address and within seconds, you'll get a free estimate of what your home is worth. These online valuations are based on data such as your property's square footage and recent home sales in your area.

However, these estimates are just ballpark figures. To get a more accurate estimate, you need the expertise of a real estate agent who has access to a vast database of information with recent sales data to help you hone in on the right number. Real estate agents specialize in answering the question "what is my home worth?" for their clients, which they do by running a comparative market analysis.

How do real estate agents determine your home's value?

The comparative market analysis process involves finding similar properties or "comps" that sold within the past 90 days. The most accurate comp is a home that's nearby, similar to yours in square footage, and has the same number of bedrooms and bathrooms. Once your agent finds a few comps, they average those figures to come up with a baseline of your own home value.

For instance, if your neighbor's home is listed for $400,000 and you want to list yours at $500,000, you'd better be able to explain the difference to prospective buyers or adjust your number accordingly.

Why is it important to list your home at the right price?

Pricing your home too high can lead to it sitting on the market for an extended period. If a property goes unsold for more than 30 days, it can become stigmatized, and buyers get suspicious, thinking that something is wrong with the home. This can lead to a significant price reduction, dropping the number below market value, to attract a buyer.

On the other hand, underpricing your home can also backfire. Buyers may assume that your home is only worth its list price. Your best bet is to know your home's value and list it close to that figure – its market value. When in doubt, turn to your real estate agent to help you cut through the haze and pinpoint the right price.

Understanding your home's value is crucial whether you plan to sell your property or not

You can use online home value estimators to get a general idea, but for a more accurate estimate, rely on a real estate agent. The comparative market analysis process they use helps determine the value of your home by finding similar properties or "comps" that sold within the past 90 days. Pricing your home at the right price is essential to avoid it sitting on the market for an extended period.

If you're unsure about how to price your home, consult with us, we can help you pinpoint the right price.