How much is your home worth?
If you own a home and you are reading this, I know one thing about you:
You think your home is worth more than it actually is. The truth hurts right ;)
Over the last few years as housing prices in the Birmingham area (and across the country) have increased significantly more and more people are wondering, “I wonder how much I could sell my house for?”
If you Google “How much is my home worth?” you won’t even have to type the whole phrase before it auto-populates. This is a very common question.
Three ways NOT to determine property value:
1) Assume your home is worth as much as your neighbor’s house for sale. Of course home values (even in close proximity to each other) can vary tremendously. Remember you may see the price that your neighbor is asking for their home, but that more than likely isn’t the price someone is willing to pay for it. Also, we tend to be poor judge’s of the value of our personal property because we’re emotionally attached to it.
2) Rely too heavily on an online automated property value estimator. There are automated home value estimators all over the place online. (I even have one on my website). But, I’m here to tell you, don’t place too much trust in the automated valuer. At times they can be fairly accurate and surprisingly inaccurate at other times.
3) Ordering an appraisal. Appraisals are great but don’t do this…it costs too much money. And you can’t use that appraisal later during a real estate transaction because the bank always orders their own appraisal.
The quickest and easiest way determine your property value is to simply ask a trusted Realtor to give you an estimate of what your home may sell for.
Realtors have the tools and MLS info that make it easy to come up with an accurate estimate that is based on sold comps. We can look at similar homes, in the same area, that have recently sold and compile the data quickly to give you an estimate. But it will still be an ESTIMATE.
PSA: Beware of a Realtor who promises you they can sell your home for a certain amount…especially an amount that sounds too good to be true. Realtors can be guilty of pumping sunshine just to get a listing.
Let me know how I can help.