How Do I Find Out What My Home Is Worth?
When you start to think about selling your house there is an obvious questions that come to mind.
How much is my house worth?
All it takes is a call to your Realtor and you’ll be able to find out! Your Realtor will be able to determine your home’s value by performing a CMA (Comparative Market Analysis). This is usually done in a two step process, the first of which is done over the phone and the second during an in person meeting, usually at your home.
Step One: During the initial phone call your Realtor will get some basic information on your home. Such as the basic structure of it, beds, baths, etc. They’ll ask when you bought it and if you’ve done any updates to it like changing the flooring, finishing the basement, remodeling the kitchen, anything that could add value to the home since you bought it.
Before you meet in person your Realtor will get busy figuring out the current value of your home. She will turn to the MLS and collect the recently sold homes, usually within the last 6 months, and pending homes in your neighborhood and area. She will then look at how these homes compare to yours. The major factors include, square footage, age, basement style, and the updates you told her about during your phone call. As well as anything else that may be special to your area, like land. Your Realtor will then look at the price range the homes that match fall in and it will determine the range your home is worth. She will then pull Active Listings to see what the competition will be and to make sure the price range determined is comparable to what the market is currently showing.
Step Two: With the price range in mind your Realtor will come visit you to see your home in person. Knowing what the range shows she’ll make adjustments after seeing your home in person. If your home sits on the most spectacular lot in the neighborhood she will adjust the price to the higher end of the range in mind. After inspecting your home she’ll sit with you to show you the comps she pulled during the CMA and give you a narrowed price range of what your home could sell for.
Every Realtor determines value a little differently but in the end each style ends up with about the same price. The process isn’t too daunting at all!
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