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Ways to Determine Your Home’s Market Value

Category: Finance

If you’re planning to sell your home soon, you may be wondering about its current price. Experts at jj-realtygroup.com share ways to figure out that magic number should you decide to sell.

Getting a Ballpark Idea

One of the first steps you can take in figuring out what your home is worth is to input your location on realtor.com®. There you can find an estimate for your property based on specific factors such as its square area and latest sales in the surrounding area.

While this can give you a ballpark measure, this is not an alternative to getting an expert real estate agent who has access to all types of information to give a more accurate valuation.

Tap an Agent’s Expertise

Real estate agents specialize in running a comparative market analysis for home sellers. This process involves gathering information from similar properties that have been sold within the past three months.

A property that’s similar to yours in size, one that’s nearby, and has the same number of bathrooms and bedrooms shows the most accurate value. Once there’s data on recently sold houses, the agent will calculate the average and use that figure as a baseline for your home’s market price.

Consider How Buyers Search For Houses Online

Listing your home with an odd dollar number like $999,999 instead of just $1 million will only confuse buyers. Retailers on TV usually benefit from this approach as you often see products priced at $9.99 or $0.95, but the case is opposite for real estate. Furthermore, it will be harder for you to justify your pricing.

Determining what your property is worth is the key to pinpoint the right asking price. Even if you’re not entering the market, it’s still fascinating to see how much your investment has appreciated over time.