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There are several ways to determine how much your home is worth in today’s market. Free online tools, such as the "Zestimate" provided by Zillow, makes a “guestimate” based upon very basic, public tax record information about your home (info that is not necessarily accurate). The "Zestimator" is nothing more than a mathematical formula and does not take into consideration improvements or location. Additionally, it has no way of knowing how to find true comparable properties; it cannot determine the difference between apples and oranges. Finally, because public tax records are notoriously inaccurate, so too are the Zestimates.
If you require a formal determination of value (such as for an estate, divorce, etc. you can hire an appraiser to conduct a comprehensive appraisal of your home and the surrounding market and provide you with a detailed report and very narrow value range. While this is an accurate way to determine the value of your home, a formal appraisal usually costs three to four hundred dollars or more.
A Comparable Market Analysis (CMA) can be performed by a REALTOR®. A CMA compares your home to comparable homes in the same area with similar features that have been sold recently or are currently on the market and provides you with a "price range" or estimated market value.
One of the main reasons homes in the area take a long time to sell is due to being priced over market value. Buyers have a lot of choices when it comes to homes, and if one is way above market value, it will be passed over for another that is more reasonably priced. A professional evaluation is key to getting your home sold in a timely manner.
Karen Rice of Davis R. Chant Realtors will be happy to provide potential sellers with a complimentary CMA. A life-long resident of the area who has been selling real estate full time since 2007, Karen has the experience and local knowledge necessary to find the best price range for your home. Simply fill out the contact form below and she will contact you.