Do you know how much your home is actually worth? Whether you are planning on selling your home or just want to know since a home is a major financial investment for most people, it is an important thing to know.
There are standard methods to determine just how much your home is actually worth. An experienced real estate professional can assist you with this, but if you can do some of the work yourself.
The following methods can help you determine just how much your home is worth.
Comparative Market Analysis
A comparative market analysis is one of the most common ways to accurately determine your home’s value. A comparative market analysis is an informal estimate of value based on the recent selling price of similar neighborhood properties.
Often referred to as comparables, this type of report will analyze the closing sale prices on homes recently sold near a property, like other Weston luxury homes. This will allow you to compare how much real estate is valued for in your area so you can have an idea of what it’s worth.
Real estate sales professional can help provide you with this type of analysis so you can get a realistic idea of how much your Weston luxury homes may be worth.
Reviewing comparable homes that have sold within the past year along with the listing or asking price on current homes for sale should prevent you from overpricing your home or underestimating its value.
Home Appraisal
A home appraisal is another very common and reliable way to determine a home’s value.
Although a real estate sales professional can tell you how much he or she hopes your Weston luxury homes property will appraise for in comparison to the current market, it takes a professionally trained appraiser to accurately evaluate Weston luxury homes as an impartial third party to get a true estimation.
A home appraiser typically has no personal stake in how much your home is worth. A professional appraiser will determine the value of the home based on a few different aspects of the home.
- Comparables: Just like your realtor, the home appraiser will look at the sales prices of comparable properties in the area to find out just how much other homes in the area have sold for. Usually reports from the Multiple Listing Services and similar market data programs will be pulled to help determine the condition and amenities of comparable homes.
- Rentals: Knowing how much properties in the area rent for is another feature most home appraiser will look at when trying to determine your Weston luxury homes value. Rental properties are important when trying to get an accurate read on a home’s value because it helps determine how much income your property could produce if it were on the rental market.
- Home Visit: To get a realistic view of the home, the inspector must conduct a home visit. Things on the list that must be verified and check include construction quality, size and square footage, the number of rooms, home improvements, add-ons, and the condition of the neighborhood. With this type of first-hand knowledge, the appraiser can then proceed with reviewing the recent comparable sales in order to determine the estimated value of the home.
Taken together, each of these approaches should lead a certified appraiser to a realistic estimate of what the value of your home is and provide you with an accurate appraisal.
Neighboring Home Sales
You also can check recent sales in public records, through private firms, and on the Internet to help you determine your home’s potential worth.
