There are tons of tools out there both wise to use and unwise to use when it comes to determining the resale value of your home. Today’s market is ever-changing, so this can be a challenge. Here are several methods from the experts you can use to determine the resale value of your home.
1. Check the Comps
Comparable sales aka Comps are homes that are around yours and similar to yours that have sold recently. So if a home down the street sold for $450,000 and is in similar condition and floorplan, then yours should be listed around $450,000. Finding homes in your area that have sold in the last several months, can give you a pretty good estimate of the value of your home.
This does not include the lot the home sits on which can also play a factor in the price. If your home sits on a cul de sac lot that backs up to a greenspace, and a comp down the street is not on a cul de sac lot and backs up to a neighbor, then you need to factor in some more that you ask.
2. Ask a Real Estate Agent for a CMA
There are tons of factors that need to be taken into consideration to get a sale price on point. It is best to stick with the professionals who can determine your potential home value.
As mentioned before, a real estate agent can help you determine the best actual resale price. Real estate agents can pull all the comps for your home in the area, and help you determine where your home fits into the price range. A CMA refers to a comparable Market Analysis.
3. Hire a Licensed Appraiser for a Formal Appraisal
Another professional to ask is a licensed home appraiser. This will give the most accurate determination of the current value of your home. An appraiser will charge you for an appraisal, but it is different for different locations and different sizes.
This is very important because it is recognized as a formal determination of a home’s value. If a mortgage is needed to purchase your home, then this will be a requirement. It will help you and the prospective buyer in the long run.
