If you have ever thought about selling your home, then one of the first questions you will be thinking about is; what is my home worth? Establishing this price can somewhat seem puzzling to anyone not familiar with the real estate market. Even the most experienced appraisers say it’s a mixture of art and science.
Accuracy Counts: When you sell your home and if your buyer is financing, the house actually has to be sold twice. First, the buyer of the home will be the initial sell. Second and most importantly, the lender providing funding to your buyer to purchase your home will also need to agree on the selling price. Generally, the lender will hire an appraiser (at the cost of the buyer) to evaluate and estimate the home’s value. This value will be the actual market value the house will be worth and will dictate how much money can be borrowed.
There are many websites that can approximate the value of your property, such as Zillow.com and are based upon data at your county assessor’s office and other public data bases. These estimates are based on big data number crunching and do not take into account the actual local market research, inspection of your home and analysis. It is a very rough estimate. A buyer and a lender will depend on an accurate and thorough appraisal performed by a qualified individual.
Fair Market Value: The value of your home is commonly referred to as the fair market value. The best source for the fair market value is current market data. Real estate agents will often estimate the price your property would sell for, based upon recent sales of comparable properties. The comparisons will be based on a number of factors. To mention a few, some of these factors are location, square footage, beds/baths, garages, one/two stories, and of course take into account any special upgrades you have done to your home. Sometimes these special upgrades can have an intrinsic value to a buyer. A good real estate agent can help you assess this and make sure these things get marketed properly.
Selling at the Right Price: Obtaining the best price in the current market should be a goal you and your agent should agree on. Eddie and Karen (Your Broward Natives) are both licensed real estate agents and have specialized in serving in their own local neighborhoods in Lighthouse Point, Pompano Beach and Deerfield Beach. They work as a team (two for one deal) and you may even see them in your neighborhood, knocking on doors and passing out local market tidbits. With an excellent balance of enthusiasm and aggressiveness along with friendly, trustworthy knowledge, they are willing and ready to help in any way they can with selling your home.
Curious as to what your house is likely to sell for in today’s market? Schedule a no-obligations appointment with us, please call or email.
Your Broward Natives,
Eddie and Karen Deveau