What’s my Home Worth?
Understanding Your Home’s Worth
There are a lot of factors at play when determining the worth of a home. The most important thing to be aware of is that worth and list price are not always the same. You’ve heard people say “don’t outbuild your neighborhood” or even “we want to protect property values”; these phrases evolved because your home’s value is often very relative to what the market has born in your area. Value, based on the collective data of sales in your neighborhood, is what drives your home’s worth on the market. This doesn’t mean that your newly remodeled kitchen doesn’t count, or the fact that the carpet in the living room could stand to be replaced doesn’t hurt. Comps, or comparables, is what Realtors use to find a range to price your home at. All the bonuses or the minuses impact the range to the higher end of the range, or to the lower depending on the location, condition, and amenities of your home.
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