How to estimate the value of your home

June 22, 2017 | Higgins Group Real Estate

Even with online home value estimators found in reliable sites such as Zillow, Realtor, and Redfin, accurately determining the value of your home can prove to be difficult. There are many variables involved which factor into a property’s value, which is why using online estimators can often be a hit or miss.A home’s selling price is determined through several significant factors, such as the home’s current condition, state of the local market, and economic conditions such as consumer confidence and mortgage rates.

Using online price estimates as a starting point

While you can’t completely rely on online home value estimators to precisely determine your home’s true value, it can be helpful to use them as a starting point for getting an estimate. There are several sites that will give you a single estimate, while others will give you several values, including a low estimate, an average estimate, and a high estimate.

Talk to a qualified realtor

By using estimates you can get online as a starting point, you can now get in touch with a qualified realtor to discuss your home’s value in detail. A realtor has information and data about sales, market availability, and homes removed from the market due to lack of buyer interest.

A realtor will be able to form a comparative market analysis, which takes all the data and information they have into account, which will allow them to evaluate your home and determine its current market value.

Current market conditions impact a home’s value

An experienced realtor will know how to factor in market conditions. For example, if your realtor discovers there are more buyers than sellers in your area, your home can get a higher value, since competition can drive up the prices. On the other hand, if it’s a slow market wherein many are sellers competing for buyers, your home’s estimated price might be lower to attract more potential buyers.

When you’re about to sell your home and want to get an fair and accurate estimate on its value, it is best to interview several realtors and choose one with a solid reputation and plenty of experience.

Thinking about selling your home in Connecticut?  The Higgins Group is the best team to work with. Visit this page for a complimentary analysis of your home’s value based on today’s market conditions.

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