Ask the Experts: How Do I Know What My Home is Actually Worth?

We wanted to start taking some time to answer some real estate questions from actual homebuyers. As you can imagine, as real estate agents, we are asked lots of different questions from friends, family members and clients. And some weeks, it seems that one or two questions keep coming up, being asked over and over.

**If you have a question you would like answered here, be sure to send us an email and we can get your question next.

The most important thing you need to know about assessing the value of your home is this—

Determining your current home value takes more than looking at your neighbors.

Realtors often call this process a “Competitive Market Analysis” or CMA. The process is not to be confused with an Appraisal. We use much of the same data an Appraiser uses but we also add a few things into the formula.

What happens during a CMA?

The CMA process starts with a tour of your home. We like to have you, the home owner, “show” us your home. During the tour we will take notes and you ask many types of questions. We want to know everything we can about you home. The more we know, the more accurately we can gauge the price of your home. Additionally, the more information we have, the more information we are able to pass on to potential buyers. So, during the tour, you will hear us asking about square footage, bedrooms, baths etc.

As a homeowner, it is helpful if have information about your home prepared for us prior to our visit.

What happens after the home tour?

Once we have completed the tour and have all the facts, we get to work researching and sorting through the the data.

As a Real Estate Consultant, we want take the time to look at all the hard facts about your house. We often spend several hours with our team reviewing the data before we are prepared to provide our pricing opinion.

What drives the value of your home

We know that a homes value is driven by many factors. The value you put on your home may be different from the value others put on it. Home pricing is part science and part art. It’s our task to help you navigate through this. Most often the time spent up front make for a successful sale and smooth transaction for everyone.

Have you been wondering about the value of your home? Why not just ask an expert over to have it done and put your mind at ease. To determine the value of your home, just give us a call and we’ll be happy to give you our best opinion. We look forward to hearing from you.