Market value is simply what a buyer is willing to pay and a seller is willing to accept. This answer assumes that both parties are well informed about closed home sales that are “comparable” based on four important factors:
1. Location. Even within the same city, different neighborhoods can have completely different market values. Compare prices of recent sales in the same community.
2. Age. Comparable homes should be built within a couple of years of yours. Building codes and style trends vary with time and greatly affect value.
3. Size of home and lot. Buyers are sensitive to the price per square foot. Your home may be unique but buyers will compare the price per square foot with neighboring properties for both the home and the land.
4. Property condition. As the seller, you have many opportunities to increase the attractiveness of your home by getting it in tip-top condition and staging the rooms before placing the home on the market.
Thinking of selling your home this year? My Home Value Analysis is much more than a simple home valuation. It’s a complete top-to-bottom review not just of the value of your home, but every aspect of your home. To request a no obligation audit of your home’s value or if you have any questions, email me at [email protected].
