What Is My Home Worth The Number Every Homeowner And Seller Should Know

What Is My Home Worth The Number Every Homeowner And Seller Should Know


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Have you ever wondered "How much is my house worth?"? If you're hoping to sell your home, knowing your property's value is essential for pricing it right to make buyers bite. Or, maybe you don't want to sell your home right now, but are just curious whether your real estate investment has risen in value (which would merit some much-deserved back-patting).

In either case, having an accurate grasp of your home's estimated market value can come in handy. And there are a variety of ways to do that, many of which are free and easily within reach online. Here's how to find that magic number, and why having an accurate estimate matters whether you want to sell your home or own it for the long haul.

How to find home value estimates online

One easy starting point with a home valuation is to enter your address into an online home value estimator, which will, within seconds, present you with a free estimate of what your home is worth, based on data such as its square footage and recent home sales in the area.

While this free valuation will help you get a general idea, remember, it's just a ballpark figure. For a more accurate estimate, there’s no substitute for the expertise of a Realtor®, who has access to a vast database of information with recent sales to help you home in on that number.

How real estate experts determine their own home value estimates

Real estate agents specialize in answering the question "what is my home worth?" for their clients, which they do by running a comparative market analysis. This process involves finding similar properties (“comps”) that sold within the past 90 days.

The most accurate comp is a home that’s nearby, similar to yours in square footage, and has the same number of bedrooms and bathrooms. (Ideally, the lot size is also equivalent, but that's more important in rural areas, where homes are set on multiple acres.) Once your agent finds a few comps, then she averages those figures to come up with a baseline of your own home value.

For instance, if your neighbor’s home is listed for $400,000 and you want to list yours at $500,000, you'd better be able to clearly explain the difference to prospective buyers. Or else adjust your number accordingly.

What is my home value to a buyer?

Sellers need to consider how home buyers search for properties online. Let’s assume your home's fair market value is $503,000. Yet Dossman points out that many people search for homes on the web using $20,000 or $25,000 increments. The upshot? Listing your home for $503,000 could prevent your listing from being seen by buyers who are searching for homes in the $475,000 to $500,000 bracket, so asking for $500,000 might generate more traffic—and maybe even a bidding war to push that final number well above your expectations.

Try to remain objective

Sellers always think that their home is worth more than it is, because of their personal attachment.

Indeed, it’s hard to boil down years or decades of memories in a home to a number. It's also hard to accept that your home is worth less than what you paid for it, or that you can't just tack on the full dollar amount of the renovations you've made. On average, renovations will reap you only a 64% return on investment, although that varies based on the type of upgrades you've made.






El Paso TX and Las Cruces NM Homes for Sale 
Luis F Navarro and Ana Maria Navarro Team, Real Estate agents in Exit West Realty El Paso TX. Luis specializes in commercial and residencial properties in El Paso TX and Ana Maria Navarro with license also in New Mexico specializing in Las Cruces, Anthony, Santa Teresa, Sunland Park. Whether you are searching for your personal residence, an income or commercial property, or you are introducing your home to the marketplace; our team can help make your real estate dream a reality. We are bilingual and can help you find the property of your needs either in English or Spanish. If you have any questions regarding El Paso TX, Anthony, Santa Teresa, Las Crues,Vado NM Homes for Sale call us today. Luis F Navarro (915) 731-4545 and Ana Maria Navarro (915) 820-8484 

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Ana Maria Navarro Headshot
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Phone: 915-820-8484
Dated: August 5th 2019
Views: 93
About Ana Maria: I was born in Cd. Guerrero, Chih. Mexico. Where I finished my elementary studies then I went to Chih...

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