Calculating your property market price

 

1.Take a look first at all the factors that affect your property value

  • Location (school district, near train, schools, town, on a quiet street or busy road, cul-de-sac, etc.)

  • Size, what’s the square footage of your home on record, and the acres?.

  • The condition of the home both outside and inside. A freshly painted home with both on the exterior and interior commands a higher price. Landscaping is part of the curb appeal.

  • The mechanics, such as a replaced roof, furnace or central air conditioning system will have a positive impact on value.

  • A new roof, gutters that are in good   condition and well-maintained walkways and driveways are important.

  • Newer Homes have the highest values in today's economy. If one's home is older, renovating rooms like the kitchen and baths are advised.

  • A finished basement also adds value to a home.

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2. Now the economy in your area and trends are important to consider

What has sold in your town, neighborhood and street recently and how do they compare to your home? It is not an easy thing to judge objectively and there is no mathematical or straightforward process to give you the answer. This is why the researched opinion of a professional is very important. If possible, do some homework on your own.

  • Check out which homes have sold in your area. You can do this by going to Listingbook http://www.listingbook.com/home/ which has all the sold homes AND all the photos of the interior. From these you can see if the kitchen and baths are up to date, etc.

  • Visit weekend Open Houses in your area where you can see the homes inside and out and understand what is being offered for what price.

 

I advise you NOT TO go to the various real estate web sites that claim to tell you what your home is worth. All of these use some formula on area sales which are simply unreliable in assessing the market value of your particular home.

 

3. Get 3 market appraisals from experienced agents. Listen carefully to what they say about your home, the specific homes they use as the best comparable and why. Look at the comparable homes in size, property size and condition. Average the suggested prices of the three appraisals to get a good idea of what your home is worth.

 

A professional agent will have seen almost all homes for sale and that sold in you area and will be able to give you a good number.

 

4- Trust your instincts.  Your team will be working for you. Your agent and Attorney are your team.

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