ANSWERS: 1
  • When considering selling your home, the first thing you will want to find out is how much the house is worth. This will help you determine pricing as well as whether it is a good time to sell. The price of a home can be found through several methods, and you have to decide for yourself which is right for you.

    Analysis

    One way to figure out the value of your house is to do a competitive market analysis. To do this you search the real estate market for houses that are for sale that are comparable to yours. The best way to do this is to look in real estate house magazines for current listings or real estate companies' websites. Driving through your neighborhood looking for houses for sale will help you find listings as well, but it can be a little time-consuming. When scanning through the listings, you want to base your search on similar qualities such as square footage, acreage and other main features like garages, pools, number of bathrooms and location. Make sure to only search within a mile or less radius of your home, and also avoid comparing to housing areas that are not comparable to your own. In other words, do not select houses in areas that are in a more expensive neighborhood or a more run-down neighborhood. Gather the prices of the homes you have selected and average them together. This will give you a ballpark number to work with, but understand that your house's worth could be more depending on upgrades that you might have done to the property.

    Online

    Contact an online service such as Housevalues.com to get an evaluation of your home price. You will be required to submit some basic information that will allow agents to do the work for you. They will not inspect your home personally, so the price might not be totally accurate, but will give you an idea of what homes in your area are selling for. The service will send your information to a local real estate agent who will compute the numbers and contact you with the information. This will be based not only on comparable houses that are on the market, but also the selling price of houses that have already sold.

    Appraisal

    Another method is to hire a professional appraiser to come in and evaluate your home. He is also going to employ the competitive market analysis, but he will combine those findings with other variables such as quality of the construction, home improvements, special features such as higher-quality counter tops or hardwood flooring, land and neighborhood benefits. This is generally a better estimate of your home's worth and, if you are seriously considering selling, is a good investment.

    Source:

    Real Estate.com: Determine Your Homes Value

    Resource:

    House Values

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