What would my home sell for in this market?
Determining the current market value of your property can be a daunting task for those who do not have access to a Multiple Listing Service. There are free home value estimators which can be found on sites like Zillow.com & Trulia.com but these valuation tools are often very inaccurate. Most of the major national real estate search engines pull data from your local MLS(Multiple Listing Service) and have no way of analyzing the current condition and marketability of your property. If you’re looking for a true valuation you’ll want to contact a local real estate professional who is not only experienced in listing homes in your area but also familiar with the current inventory of homes for sale within a half-mile radius. If you’re just curious and you’d like a FREE no obligation comparative market analysis on your property, you can request one by Clicking Here. Otherwise, it would greatly benefit you to contact an experienced real estate broker and ask them to come visit your home for a more in-depth market analysis.
Our Greater Spokane real estate brokers employ the same methods that are used by a real estate appraiser. We will first analyze the current condition of your home, taking in to account any upgrades of additions that you may have made in your term of ownership. Then we research comparable homes that have sold within a half-mile radius of your property and within the last three months. Should we need to, we will go as far back as six months to find homes that are similar to yours that have sold in your area. This helps us to determine what the market is telling us your home is worth. What does this mean? When an agent tells you that “the market is telling us that your home is worth X amount of dollars” it just means that that is the price that consumers in the current real estate market have been paying for homes that offer the same condition, amenities and location as your property. The reality of the situation is that neither real estate brokers nor homeowners determine the value of any particular home. The consumers determine value! If a potential home purchaser views three very similar homes and two of the three homes are priced nearly the same but the third one is priced around $20,000 more than the others, then the purchaser will likely eliminate the third home from their list. When they finally settle on the right home they will make an offer for what they feel the home is worth, based on what they’ve seen in the other homes that they’ve viewed during their house hunting experience. Once their transaction closes and the sales price is recorded, others who are in the market for a similar home will see that the going rate for a home that offers similar amenities, condition and location is whatever that purchaser(and other purchasers) have paid.
Your best option for determining the true market value of your property is to employ an experienced real estate broker who has access to recent sales data which will help him or her to valuate your home. The good news is that a good real estate broker who employs the same techniques as a real estate appraiser will be able to determine the value of your home free of charge as opposed to charging you the $400 to $500 that a real estate appraiser would charge. This is a great, no-cost way to figure out if now is the right time to list and sell your property!
For a FREE market analysis on your property, Click Here.
Have a Real Estate question? Click Here to contact an experienced local real estate broker.
Interested in what’s currently for sale in Eastern Washington? Click Here to view ALL homes for sale in the Spokane MLS.
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