What’s My Home Really Worth?

Whether you’re selling your home in Southwest Florida or San Diego, one question often ranks above the rest. And that’s: “What’s my home really worth?” For sellers, getting the most dollar for their asset is usually the highest priority. While that is true, selling in your desired timeline, as well as how easy the process is, also plays their part. With that in mind, we’re sharing with you a few factors that are used in determining your home’s value.

Reviewing the comparative sales

Comparative sales, or “comps,” as we call them in the real estate world, are fairly straightforward. But to get an accurate assessment you should consult with a pro on comps, as comparing your property to similar ones that recently sold gives you a great perspective.

Receiving an appraisal

Because lenders require appraisals during the mortgage process, you can understand why the market pays attention to them. The detailed reports put together by a professional appraiser are the only factor banks consider when it comes to your home’s worth, so they’re definitely a big deal.

Gauging the momentum of your market

At the same time, we shouldn’t ignore the direction and speed in which the market is moving for your area. For a home in Southwest Florida right now, a handful of months can represent some serious cash. This is because we’ve been experiencing tremendous growth, and even though that momentum isn’t the whole picture, it helps you to understand the relative value of your home over time.

Understanding your home’s potential

But don’t overlook the fact that your home’s potential, from upgrades to enhancements, can greatly increase the value of your home. After all, as we’ve seen, a diamond in the rough can command incredible prices with a little polish… if you know where to look and what to focus on.

Balancing against the amount a buyer will pay

I also need to point out that one of the key valuation points is what the buyer is willing to pay for your home, and this is true for a home anywhere in the country. Often, buyers want to set a high price for their home from the start, not realizing that the time the home sits on the market, and the time it takes for someone to pay that much, may hurt your final sale price. This is why it’s so important to consult with an expert in your market.

Terry Records