What's Your Home Worth?
If you’re thinking of selling your home, knowing your property’s value is essential for pricing it correctly. Or, maybe you don’t want to sell your home right now, but are just curious what your residence is worth—and whether your real estate investment has risen in value.
The biggest challenge with determining your home's value is that it is somewhat subjective. If you were to ask, "what's my home worth?" to a real estate agent, an appraiser, or a county tax assessor, you'll likely get different answers from them all. While some of the data points cannot be taken subjectively, the interpretation of the differences between your home and what has sold can be.
Your home's value starts and ends with comparing your home to other homes that have sold. A comparative market analysis (CMA) is used to examine the prices of similar properties that have been recently sold within the same area and will give you a really good idea about your home's fair market value. With limited inventory for all types of residences, we may need to go outside your community to develop a more accurate CMA. Other important considerations are things like the age of the home, the square footage, the number of bedrooms and bathrooms, whether any recent updates have been made, water views, and a number of other factors..
Taking into consideration the nature of this fast-paced market, and the comparative market analysis, a seller may decide to test the market and price the property higher.
Ultimately, a home is worth whatever someone is willing to pay for it. But as a Realtor with over 40 years of experience in the Sarasota and Longboat Key market, I live and breathe real estate daily, and that experience ensures that you will be getting the most accurate valuation possible.
If you’re ready to learn more about beginning the process, call me, Bruce Myer, 941-376-5311.