We all have emotional connections to our homes, and somehow when we’re deciding to sell, we attach dollar figures to those connections. That’s fine, but only within reason; that’s because a home’s value is only as much as someone is willing to pay for it.
Your Realtor® can give you a comparative market analysis, or CMA, that helps you understand what other homes that are similar to yours are worth. That’s a great way to help figure out your list price.
Naturally, you’ll need to have your home appraised. But what’s with all of the numbers that don’t match, such as your property tax assessments, your mortgage balance and the home’s purchase price?
Property Tax Assessments
Every area has its own formula to figure out home values for tax assessments, but in most cases, they’re not a true picture of what your home is worth.
Mortgage Balance
Your mortgage balance doesn’t have much to do with your home’s value. It’s only the amount that you still owe.
The Value of Your Homeowner’s Insurance
Insurance estimates don’t account for the land your home is on, so they aren’t an accurate reflection of your home’s value.
What You Think Your Home is Worth
Most of us think about the hard work we’ve put into our homes when we’re trying to determine how much it’s worth. We also tend to overestimate how much other people will want to pay for the things we’ve done—and that’s a mistake. If your home is overpriced, it can sit on the market for months. You’ll have to reduce the price (maybe more than once), and you could end up getting less than its actual market value.
Conversely, undervaluing your house is a mistake, as well. Your home may sell quickly, but in the end, you’ll be shortchanging yourself.
Let Us Help You Figure out How Much Your Home is Worth
Call us at (610) 608-3119 or fill out our online contact form for a free comparative market analysis. We’ll use our in-depth knowledge of the Main Line area to get you started, and then we’ll aggressively market your home and get it in front of the right buyers.
Links:
Set Your List Price
Myths and Facts about Appraisals
How to Read Housing Market Stats