As a homeowner in Hampton Cove, you
have two important reasons for determining the true value of your home.
The first is so that you can sell your home. The second is so that you
can determine the amount of homeowner’s insurance that you need
to carry. Regardless of the reason you want to determine your home’s
value, the process is the same. Hopefully this information will lead
you on the path to discovering the true value of your home. At Amanda
Howard Real Estate we know that, today more than ever, it is critical
to place an accurate value on your home before listing it for sale.
One of the main reasons that a house fails to sell, or gets overlooked
entirely, is that it has a listing price that is too high for either
the home or the location.
Home Features
Let’s begin by discussing a home’s features.
Whether you are selling or insuring, you need to consider the features
that make your home unique. For example, if your home has brand-new,
updated kitchen, bathrooms, or both, then its value will be higher than
that of a comparable home with an older kitchen and bathrooms.
The style of the updated rooms should
also be a factor for consideration. Depending on the architectural style
of the new rooms, the value-add will vary. If your kitchen has granite
countertops and brand-new, top-of-the-line appliances, it will be valued
far more than if had Formica countertops and a vinyl-covered floor,
even if those features were recent updates. Therefore, when determining
the value of your updates you should consider every aspect of them,
from the materials that were used, to the fixtures, appliances, and
flooring that were installed.
Also, compare the number of rooms in
your home with that of similar homes in your area. If you have a finished
basement game room, then your home’s value is greater than that
of a home with an unfinished basement. And, if your home has an extra
garage or an added sunroom, the value will be even higher.
Follow these steps when
determining your home’s true value:
Put Aside Your Emotions
One of the problems experienced by homeowners trying
to appraise their home is that they often attach increased value to
their memories, perhaps subconsciously. When trying to determine the
true value of a home, these memories are important, but they should
not play a role in your value calculation.
Consider Getting a Competitive
Market Analysis
If you are working with us at Amanda Howard Real Estate,
request a competitive market analysis (CMA) of your home. A CMA is a
report that shows the selling prices and listing prices of homes that
were recently placed on the market and/or sold in your area. You can
also sign up on this site for our Automated Market Watch System. Having
this information will help you to determine the true value of your home
when you compare it against that of other homes in a neighborhood that
you are familiar with.
Research Market Conditions
Speaking of your local real estate market, it is important
to look at the overall market condition. Are homes selling quickly in
your area? If so, then you can probably request an upper-end selling
price for your home. However, if homes are staying on the market for
a long time, the actual value of your home may be less than you think,
and you might want to consider choosing a lower-end selling price. Home
values tend to fluctuate (for sellers) seasonally. For example, potential
buyers may view a home with a swimming pool as being more valuable during
the hot summer months. Likewise, a home with a heating system that needs
to be repaired may be perceived as having less value during the winter
months.
Talk to one of our Listing Partner’s
in order to get an accurate picture of your local real estate market
when you are determining the true value of your home.
Determine the Value Per Square
Foot
Determining the value of your home per square foot can
yield an accurate value for your home, especially when you are using
other homes as a basis for comparison. For example, if you have found
a home that offers similar amenities, is in similar condition, and has
the same style as your home, but that home is one-third larger than
your home, then the values of these two homes will not be the same.
However, if you are able to place a per-square-foot value on that property,
you can apply that figure to your own home’s square footage. We
can recommend a number of ways to determine the per-square-foot value
of your home.
Many different types of home valuation
service providers are available, but we can provide you with valuable
information that will make the process as simple and affordable as possible.
Contact one of our Listing Partner’s to request the comparative
market analysis mentioned above, so that you can begin appraising your
home’s true value.
