Your Home’s Worth

What’s My Home Worth? What is the value of your home? Determining your home’s value is more of an art than a science. Many factors are involved, and the value you and your real estate agent set for your home may not be what a buyer is willing to pay. Here are some things your real estate agent will consider when trying to put a number value on your home.

What is the location of your home? Where you are in the country determines how much you can sell your house for, as does if you are in a big city or in the suburbs.

What is the condition of your home? Homes in good condition understandably will bring a better price.

What was the price of other homes that previously and recently sold in your neighborhood? Comparable homes that have sold recently in your area will give you a good idea of what the market will bear

How does your home compare to the homes that sold and are for sale in your area in terms of square footage, amenities, condition, etc.? If your house is smaller, has a smaller back yard, is older or in worse shape than your comparable homes, you may not be able to ask as much money.

What are the current market conditions? If a lot of homes on the market are going unsold for long periods, you may have to accept less money if you’re in a hurry to sell. If homes are getting snatched up quickly, you might be able to ask more.

A real estate agent can help you come up with a reasonable figure based on comparable home sales in your area, taking into consideration how your home differs from those homes and looking at what the market will bear at the particular time you are selling your house. Even if you have a real estate agent, you might want to do some research yourself to see if you and your agent are on the same page.

Ultimately the decision of how much to ask for your house must be approached logically. It’s hard to put a number on a place that holds so many happy memories, but if you want your house to sell quickly and you want to make as much as you can in the sale, you need to think long and hard about these factors, do your research and consult your agent to determine the best price for everyone involved.

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