How Much is My Home Worth?

There are many factors that determine the market value of your property. When you sit down with an agent, he or she will create a Comparative Market Analysis (CMA) on your property. This CMA will determine a range and or listing price to market your property at. Here are some factors that go into determining the market value of a property:

• Location: You may have heard the saying “Location, Location, Location”. Location will always be one of the top factors when determining market value.
• Condition: The condition of your home will affect the price range of any given property. Your agent will reccommend any updates that he or she believes will add value to your home.
• Comparable Sales: One the traditional ways to determine a value of any product or service is to look at comparable products. Your agent will look at other properties that have sold that are similar to yours, to provide a baseline value range of your property.
• Inventory: When there is a lot of housing inventory on the market, that means buyers have a lot of options to choose from. This means that they have more power to negotiate on the price. Conversely, if there are not a lot of options for buyers to choose from, that means sellers have more power to stick to their asking price.