What is the market value of my home?
Market value is what price the house is worth at a given point in time. In an industry such as real estate where home values can ebb and flow like the tide it can be challenging to determine the current value of your home. What with repairs needed here or there or with those new updates you just finished. Homeowners can turn to several ways to find out what their home’s value could be. The most common way homeowners turn to would be a comparative market analysis or CMA, which is an informal estimate of market value, based on sales of comparable properties, performed by a licensed real estate broker. The second route would be to order and pay for a formal appraisal.
Current Market Analysis?
A home ultimately is worth what someone will pay for it. Most buyers and sellers turn to a comparative market analysis before listing or putting in an offer on a home for sale. Some of the details taken into consideration are square footage, lot size, fixtures/finishing, floor plan, neighborhood, recent remodels, upgrades or additions. Real estate brokers will use the sales of comparable homes in a neighborhood while making market value adjustments as needed to provide the most accurate value possible. Best part, most agents will provide a comparative market analysis for free.
An appraisal is a more formal estimate of a property's market value, based on several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance, and indices that forecast future value. This service varies in cost but on average, an appraisal costs about $400 to $600 when going through the purchase process but can go up for those reaching out directly as appraisers tend to offer lenders a special rate since they order so many. Formal appraisals are required for most lender financed purchases and are typically paid for by the buyer side.
What’s My Home Worth?
FREE MARKET ANALYSIS