Many homeowners want to know how much their home is worth—and understandably so! Whether they intend to sell in the near future or are wondering how much added value their home improvements have created, most homeowners want to know just how much their home is worth in today’s market.
Unfortunately, there is no simple answer to this question, and it definitely can’t be answered with a visit to an internet site. Finding out how much your home is worth is a complex process that shouldn’t be done without the advice of a local Realtor who is familiar with the market.
Here are some FAQs we receive from homeowners to help you on the way of finding out the value of your home:
Q. Can I determine my home’s value from an internet website?
A. Definitely not. Often homeowners reference numbers like their “Zestimate” from Zillow in the conversations on pricing their home. Third party websites like Zillow and Trulia are headquartered in places like Seattle, Washington and San Fransicso, California—so how can they accurately value a home in Georgia or Tennessee? Short answer, they can’t. Their automated home value calculators don’t take into consideration your city or unique neighborhood, often making their final estimates wildly inaccurate and misleading to homeowners. Consulting a local Realtor with understanding of our area’s market trends is the best and most accurate method of finding your home’s value.
Q. How do you determine my home’s worth?
A. Realtor Nathan Torgerson’s local real estate market expertise means he’s able to interpret all of the data that determines the optimum price for your home so that your property will be priced to sell. By digging deep to learn the unique selling points of your home and running a comparative market analysis (CMA), he is able to strategize a price that will effectively target and attract potential buyers. Some things that are taken into consideration in the process of valuing your home include:
- Recent sales in the neighborhood
- Square footage
- Number of bedrooms
- Number of bathrooms
- Flooring type
- Lot features
- Home upgrades
Q. Where does an appraisal come into play and how does that differ from market value?
A. An appraisal is the true value of your home done by a licensed appraiser. Market value is what buyers will purchase your home for based upon today’s real estate market. Appraisals can be used by any buyer but are required when getting a home loan. The market value, if done by an experienced local Realtor, should be very close to the appraised value.
Are you interested in learning your home’s value? Click here.