How much is my home worth?

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Figuring out how much your home is worth is important if you want to get a good price when you sell. While you may have a specific dollar figure in mind based on the price you initially paid, plus a little extra because real estate tends to appreciate, the actual value of your home may be lower or higher based on your local housing market, the condition of your home, and other factors. Not sure where to start? Realtors® have a variety of tools and advice to help you figure out how much your home is worth.

Check out comps. The best way to assess the value of your home is to find out what similar properties have sold for in your neighborhood, also known as “comparables” or “comparables”. For example, if a home of the same size, number of bedrooms and bathrooms in your neighborhood recently sold for $250,000, then your own home is likely to be worth in that range. The more samples you examine, the more accurately you will be able to determine the price of your own home. A good place to start is to enter your address into your realtor’s home value calculator, which will estimate the sales price of your property based on an algorithm that takes into account similar properties in your area.

Consult with a real estate agent. While comparisons are a great way to get an idea of a home’s value, you can fine-tune that number by consulting with a real estate agent. These professionals can visit your property, assess its unique strengths and weaknesses, and then present a comparative market analysis (or CMA) that estimates the price of your home based on recent real estate sales in your area. Here’s how to find a real estate agent who can help

Get alternative cash offers. A useful tool to help with home valuation is to see how much a company is willing to pay for your home, which can be done on the seller’s market. You can simply enter your address and receive an estimated value for your home – from there, you can include additional details (such as the condition of your home and the number of bedrooms and bathrooms) to receive offers from companies that may be interested in buying your home and the estimated price range they will pay. At this point, you can decide whether to ask these companies further or just use the information provided to get a better idea of what your home is worth.

Consider home improvements. If you redesign your kitchen or install a pool, when you sell, you’ll recoup some of the money you paid for those upgrades. But your return on investment will vary, depending on what kind of renovations you do and how much buyers in your area desire it.

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