First of all, it's not worth what you think it is! More then likely it's worth much less. When I say "worth", I mean "what the market is willing to pay". What your home is truly worth is determined by you and you alone. If it's worth 1 million dollars to you then that's what it is worth. However with an inflated price tag you will never find a BUYER that agrees with you! SO.......What I want to talk about is Fair Market Value!
There is no perfect way to find your homes Fair Market Value without doing an in depth market analysis. However, there is a way to get a rough idea and usually it's a fairly accurate indicator. First you will need to look up your tax assessed value with your local County in which the residence is located. For example, let's say your homes assesed value was 200k even. In today's market your home would not sell for over that figure and usually it would find a buyer at a 10-15% discount of that figure. This equation does not work for new construction, historic homes, and some random neighborhoods that have managed to hold their values fairly well. In general it does work well for most any run of the mill neighborhood. If your house was in great shape you would expect to sell for the full 200k in our example but if it needs repairs you would expect to discount that price. Keep in mind, when I say great shape I mean GREAT SHAPE! This would include upgraded kitchens and baths as well as being staged and very clean!!! To get top dollar in this market you need to make your house stand out from the crowd. To do that you must offer a great price, be in great condition, and be willing to help your buyer out with any assistance he/she may need. Don't give it away. Just make sure you stay FAIR and help your qualified buyer!
Now be sure to remember that I am just the messenger here! I deliver the bad news but I did not create or cause it. After you use this equation to find the estimated value of your home feel free to email me and cuss me out! Hahahahaha. I know, I know......your home is worth more then this equation shows. I agree with you but if you wanna sell it, you'll have to agree with me at some point.
Have a great day and remember the tissues are on row 3 at Wal-Mart! ;)
Sincerely,
Lee Newcomb, Realtor
Long and Foster Realtors
www.leenewcomb.lnf.com
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