Discover your home’s true worth by analyzing past data and unique features.
How can you get an accurate assessment of your home’s worth? Any real estate broker can go to Zillow, Redfin, or Homes.com or even check the Automated Valuation Model (AVM) on the MLS for a home valuation. While these tools typically give you a good starting point, they can only give you a rough estimate of your home’s value, usually within a range of 10% to 20%.
The thing is, online evaluation tools miss key details about your property. They can’t account for factors like basement size, nearby power lines, busy roads, or overhead planes. Additionally, if your neighbor’s house sold after being remodeled while yours hasn’t, that can significantly impact value.
These are the kinds of factors that need a human touch for an accurate assessment.
But how can you determine the true value of your home? Start by examining past sales data. The most relevant data comes from active, pending, and sold listings within the last 30, 60, or 90 days. Looking further back may give you less accurate information.
While you won’t always find a house exactly like yours that was listed for 30 days, you can analyze the data to identify features that set your property apart from your neighbor’s.
“Online valuations often miss key details that can affect your home’s true value.”
Evaluating your home’s worth involves setting a scale and comparing various data points. For instance, if a similar house sold for a specific price and you believe yours is 5% better, you could consider pricing it 5% higher. Conversely, if a nearby house is 500 square feet larger but your backyard is significantly bigger, that’s another important factor to consider.
Each home is unique, which means there’s always a way to assess its value. It’s also worth looking back at data from one, two, or even three years ago, provided it’s still relevant. The best comparisons come from properties that are closest to yours, taking into account size and local amenities.
When reviewing older data, remember to consider the market conditions at the time and adjust your calculations to reflect your home’s current context. If you’re planning to sell your house in the next month, six months, a year, or even two years, I highly recommend determining your home’s worth now.
We have an accurate online home valuation tool that uses a computer algorithm to estimate your home’s current value. It might be off by about 10% either way, but it’s a solid starting point. To try it out, click on this link.
If you want to take it further, schedule a consultation with me. I’ll analyze your home and determine its current market value, plus discuss how to make it stand out from the competition. I’m always here to help you, so feel free to contact me at (425) 651-4200 or [email protected].