My Home's Worth
Simply stated, your home is worth what someone is willing to pay for it.
Many people think there is a magical formula that, when computed by a realtor, will spit out an exact value of their lovely home to which they are so emotionally and personally attached. I say it this way because it is emotion and personal attachment that so often cloud the senses of a prospective seller when they learn the news of their home's "assessed" value as stated by a realtor (through a Comparative Market Analysis) or an appraiser.
The valuation of a home is slightly more of an art than a science. A host of subjective factors play into the value of any given piece of property that ultimately determines what a buyer will pay.
There are standardized methods used by realtors and appraisers to come to an approximation of what price you can reasonably expect your home to sell. Is it a guarantee? By no means. Could you get more than the assessment states? Absolutely.
When determining the value of your home, it is always important to think of value as a RANGE, not a down-to-the-penny, set-in-stone, take-it-to-the-bank, absolute number.
The market will ultimately determine the value of your home. Your job is to get as close as possible without going over in order to minimize your time on the market.
I recommend a good agent to help you do this. Agents have their pulse on the local market because they sell right in your neighborhood every day. They are the most likely professional to give you the best mix of data-related facts and well as subjective, gut-level estimations on what you can cash that house in for on the open market. Get an agent now!
