Hey Joe, What Is My Home Worth Now?
We get a lot of reader questions each week after we publish the Tallahassee Real Estate Newsletter, but the question we see most frequently is "What is my home worth?"
I suspect that as the real estate market starts to move in an upwards direction, we will start to see some trapped homeowners anxious to enter the market.
They have been trapped with mortgages that outweigh the encumbered homes, so it's only natural that they start asking "what is my home worth" as news of improvement is reported.
What Is My Home Worth? - How We Find Out
Before we get into the gyrations of appraising a home for its market value, I urge you to consider that it is what it is.
That's right. A professional real estate agent will look at what has sold, what has failed to sell, and most importantly, what is available on the market that will compete with your home for a buyer.
In Tallahassee, sellers still outnumber buyers, so properly assessing the competition is often worth tens of thousands of dollars to the home seller. In the past, we have discussed the critical importance of choosing the best initial asking price for your home, so make sure you understand the strength and depth of your competition.
Choosing homes from the aforementioned categories that are most similar to yours is the key to forecasting its value when you list your home for sale. For homes with values near the median, there is ample liquidity in the market and you will know the answer to "what is my home worth" to a very tight margin of error (like 1 or 2 %).
Online Tools Help Answer - 'What Is My Home Worth?'
There are numerous online valuation estimates, and I think the are a great place to start.
Unfortunately, they are mostly accurate for homes in large neighborhoods where most the properties are highly similar.
As soon as you throw variables at them (lakefront homes for sale versus ones on the other side of the street, homes with swimming pools versus not, etc.), the tools have a tendency to miss out on the features that add value. Thus, for homes in smaller neighborhoods or ones where the amenities differ greatly from one property to another, these online tools have a tendency to over-value the low end homes and under-value the higher end homes.
Nevertheless, many real estate agents will tell you they don't mind jumping to one of these tools to get a general feel for value when they first begin to determine the often asked client question ... "what is my home worth?"
So if you are itching to move, and you are thinking "what is my home worth," the simplest way to find out is to just drop me a note and let me know where the property is located.
*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.