The Best Answer to ‘What Is My Home Worth?’

By Caroline Abkar, REALTOR
3/1/2020

 

‘What Is My Home Worth’? Ah, the million dollar question. Today, I’m give you tidbits to figure out what your home is worth. The classic thing that everybody does is go on Zillow, Redfin, Trulia, to see what their home is worth. And while that’s a good starting point, it definitely is not going to give you the best answer possible. And that’s because algorithms and computers do not take very specific factors into account. I have a whole other tidbit that you can find on my YouTube channel about Zestimates and how they’re calculated. But in order for you to know what to list for, the first thing you need to do with your realtor is look at comps. Actually your realtor should be looking at comps. And when I say comps, I don’t mean all the homes that have sold that have the same specs as yours within your entire zip code. That is too broad.

You need to look at what I like to call your micro neighborhood. You need to first of all, look at your home and your lot and find homes that have sold in the recent past three to six months that are similar in lot size and also are they a flat lot or is yours on a hill? That’s something that you need to take into account as well. The layout of your home, so inside your house, how is it laid out? You can’t know that, but your realtor who is a neighborhood expert, should have a good sense of those homes that have sold and walked inside of them to know functionally how well they were laid out compared to yours. Indeed, a functional layout is one of the top things that can affect the price.

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Posted on March 2, 2020 at 1:55 am
Caroline Abkar | Category: Real Estate Tidbits | Tagged , , , , , , , , , ,