3 Ways To Discover What Your Home Is Really Worth

By Kelly Johnson

Kelly sets a business plan at the end of each year for the following year. He commits to that business plan and requests that His Team assists. He is very goal driven, yet always makes time to be with his family, for they are the reason that he maintains high standards for himself and his business.

Determining the value of your home is a crucial step whether you’re considering selling, refinancing, or simply curious about your property’s worth. Today, we’ll explore various resources available to homeowners to assess the value of their properties:

1. Comparative market analysis (CMA). One of the most reliable methods to ascertain your home’s value is by researching comparable sales, commonly referred to as comps. This involves analyzing recently sold properties in your neighborhood that are similar in size, features, and condition to your own. Focusing on sales within the last six months enhances accuracy and provides a clearer picture of your home’s market value.

2. Appraisal. While an appraisal can provide a professional estimate of your home’s value, it often comes with a cost ranging from $400 to $1,000. However, it’s essential to note that a pre-marketing appraisal may not hold sway in the actual transaction. Ultimately, the buyer’s lender conducts an independent appraisal, which serves as the decisive factor in determining the property’s value. Therefore, investing in a pre-marketing appraisal may not always yield significant benefits in the final sale price.

“Determining your home’s worth is a crucial step.”

3. Consulting a real estate professional. Utilizing the expertise of a seasoned real estate agent can be invaluable in understanding your home’s worth. With years of experience in the market, professionals can offer comprehensive insights and perform assessments at no charge. Through services like broker price opinions, they can provide a close estimate, typically within a 3 to 5% range, of what your home would likely sell for in the current market.

While tools like comparative market analysis and professional appraisals offer valuable insights, consulting a real estate expert can provide personalized guidance tailored to your specific needs. If you’re navigating the real estate market and need assistance assessing your property’s value, don’t hesitate to reach out to us at 317-908-9614. We’re here to be your trusted resource every step of the way.