The simple answer is….your home is worth what a ready, willing and able buyer is willing to pay for it.

So how do we know what a buyer is willing to pay for your home?  We look at the recent sales of other homes nearby with similar features.  Things to consider are the size of the home, the quality of finishes, amenities, lot characteristics, and the location of the home.  By comparing your house to others, we prepare a “Comparative Market Analysis” and adjust our estimate of your market value to reflect what buyers have paid for similar houses.

Is Zillow’s Zestimate accurate?  Rarely!  Zillow uses an algorithm that simply pulls statistics from home sales in your area that assumes all homes are created equal in terms of finishes, amenities and lot characteristics.  While that may work on occassion, it does not work for the majority of homes.

The best analysis of your home’s current market value is from a Realtor or an appraiser.  Realtors and appraisers know the market because they look at homes and analyze the values of homes every day – that’s their job!  Not only do they have access to the statistics of other comparable homes, they also have the ability to critically analyze the differences in the quality of home finishes, amenities, lot characteristics and the value of the location of the home.  Furthermore, professional Realtors and appraisers have a good understanding of the trends in the local marketplace, including the amount of inventory available vs. the current demand for homes.  All of these factors affect the current market value of your home.

Establishing the RIGHT List Price for your home is crucial to the success of your home sale.

Overpricing a home can result in a lower number of buyers looking at the property, leading to a longer time on the market making the listing appear stale.  This can leave buyers wondering if something is wrong with the house.  In this situation, a home may sell at a lower price than if it had been priced correctly from the start.

Underpricing a home can create a higher demand for a home and sell in a shorter time period, but it may also leave the seller with a lower profit margin than if the home had been priced correctly from the start.

Correctly pricing a home gives you the best exposure to the buyers in the marketplace, allows you to maximize the true value of your home in the current market, and sell within a reasonable time frame.

Contact Chris and Shari for a professional analysis of your home’s current market value.