What’s My Home Worth?

Author: Rich Barnhart

Author: Rich Barnhart

The following article was featured in our recent Fall newsletter and received such favorable response that we’ve decided to post it here in our blog so we may keep you updated on our thoughts regarding property valuation.

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How’s the market? People always ask us “How’s the market?”, but what they really want to know is “How’s the market in my neighborhood?” and “What is my home worth?” The answer to this question is not that simple, especially in today’s challenging marketplace. Your best bet is to have a qualified real estate professional provide you with a Comparative Market Analysis (CMA). A good CMA can be as informative as an actual appraisal and most reports will include recently sold comparable properties and a projected sales price range. Armed with this information and with the help of a good agent you can price your property appropriately and compete for buyers in your marketplace.

What about Automated Valuation Models? Some web sites like Zillow.com have automated valuation models or AVM (Zestimate®). While these models may be a good starting point they are no replacement for a real CMA or appraisal. Do you really trust a computer to value your property?

Is my Assessed Value Accurate? Your county property appraiser will estimate your “just value” every year. While this value is supposed to be representative of your true market value (as of the first of the year), it is not necessarily what your property would sell for. Make sure you consider exemptions, active competitive properties and more recent sales when evaluating your assessed value.

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Blog Author:

Rich Barnhart

Rich is the broker and owner of By The Sea Realty and a frequent contributor to the company's real estate blog.
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What Is Your Property Worth?

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