How Can I Determine The Value of My Home?
Homes don’t carry fixed prices and the price tag on a home can change rapidly these days. One of the best ways to determine the price for a home is to look at comparable sales – or comps — for similar homes in your area.
A realtor can easily access this information and can show you the following:
- Location: Preferably within a several miles of your home.
- Size: Square footage, lot size (including the yard)P, and number of rooms including bedrooms and bathrooms.
- Age: The year the homes were built.
- Condition: Whether the home is in mint condition, is a fixer-upper, or needs complete rebuilding.
- Features: The details and amenities of the home, such as a remodeled kitchen or a great view.
Ideally, your agent would determine your price by comparing the sales prices of three homes within a three-block radius that have sold in the past two months and compare all five characteristics listed above. However, since nearly all homes are unique, they won’t find any exact comparables and an estimate will determine the value of your abode. If you’re displeased with the adjusted home value from comps you may want to consider paying for an appraisal, but this can cost you several hundred dollars.
