How Do I Know What My House Is Really Worth?

The market value of your home will be an important consideration in several decisions you might make, including refinancing, borrowing against the home’s accumulated equity, putting the home up for sale, estimating homeowner’s insurance, estimating annual property taxes, estimating the return from remodeling jobs, estate planning, and so forth. Remember, how much was paid for the home when it was first purchased is irrelevant to its current market value.
It’s a good idea to use several different sources for information-gathering to allow you to make fair comparisons. Here are five suggestions:
1. Contact a real estate agent. You might not be ready to sell immediately, but most agents will do a comparable market analysis for you now so that they can obtain your business when you do decide to sell. The analysis will show the prices of both sold and still for sale comparable, local homes. A seasoned agent can give you a good approximation of what your home would be worth in current local market conditions and in consideration to its condition and size.
2. Pay for an appraisal. A professional appraisal won’t likely be free of charge. In fact, it’s likely to cost a couple hundred dollars. That said, it could worth it when you consider how many decisions are based upon the value of your home. The appraiser uses the information he/she obtains from physically inspecting your home and other data he/or she obtains from the market to issue an appraiser’s report. The report will include what criteria was used to arrive at the appraised value and a full description of your home.
3. Visit open houses in your neighborhood. You’ll get the opportunity to see for yourself how comparable homes compare. You may also learn some valuable information as you inevitably chat with attending local real estate professionals. You should, however, be mindful that the listing price doesn’t necessarily reflect a real market value. This is because many people find it hard to be objective about their own homes’ value and will price them how they personally value them, even against their real estate agent’s advice, instead of how they should be priced in relation to the market.
4. Research home valuation online. There are an array of Web sites offering either free or for-fee information on home valuation.
5. Price-per-square-foot is a common real estate valuation tool, especially online. However, don’t forget that there are plenty of other factors that contribute to a home’s value aside from square footage, as tiny, costly apartments in New York can attest. In other words, be sure to consider factors like whether the home is move-in-ready, recent updated, where it’s located, and other non-personal factors. Another consideration is how the square footage is calculated — with or without detached buildings, garages, and other typically non-living spaces

About Deborah Laemmerhirt

Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers. As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible. My services include: Explaining the home selling and buying process thoroughly Diligently selecting homes that meets your criteria Pricing your home correctly and implementing a unique yet proven marketing plan Negotiating on your behalf Tracking the closing process to ensure a smooth transaction I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process. I specialize in both Residential and Commercial Properties. I also head a Real Estate Group to provide you with expert service and support. Areas of Expertise Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings. I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.