| This is a common question that people across the | | | | thing must be taken into account when figuring |
| country are asking. From Minneapolis, MN to Miami, | | | | out your homes market value. |
| FL to San Francisco, CA to Portland, OR and | | | | What are comparable homes in your |
| everywhere in between. As a realtor in Madison, | | | | neighborhood selling for? Are they comparable in |
| WI I am asked this question almost every day. | | | | size and age only? Do these comparable homes |
| Some people try to figure out what their home is | | | | have tile floors and maple cabinets, where you |
| worth by adding the annual appreciation average | | | | have vinyl and oak? Or do you have gleaming |
| of homes in their city. They figure if they paid | | | | wood floors and an exposed lower level where |
| $200,000 for it 5 years ago and the average | | | | they do not have these desirable features? Is |
| appreciation has been 8% over that period than | | | | your house on a cul-de-sac where the comparable |
| their house is worth $293,865. Is this correct? | | | | homes are situated on busy streets? |
| Maybe. | | | | Are interest rates higher or lower than they were |
| Others will try to base their house value on what | | | | before? Is it the middle of summer, the beginning |
| properties in their neighborhood are selling for. | | | | of Spring, or the dead of winter. Is your 3 year |
| They find houses that look similar from the | | | | old home going to be competing with brand new |
| outside and are approximately the same size and | | | | homes? Maybe even in the same subdivision. Has |
| base their value on what it sold for. Their | | | | a new company just came to town along with |
| neighbors house which was an approximately | | | | 500 of their employees who need homes or |
| 2000 square feet ranch sold for $315,000. Figuring | | | | condos in your area. Has the major employer in |
| their house is about the same size, age, and style- | | | | your area just announced that they are relocating |
| they should get $316,000. After all it is 2 months | | | | to a different city? |
| later! Is this correct? Maybe. | | | | This is just quick example of things that can |
| Maybe there is a % to add to the tax | | | | affect your homes resale value. In order to |
| assessment. Or an online program to enter all of | | | | answer the question "How Much is My Home |
| your homes data and out comes a price. | | | | Worth?"- Consult a realtor. |
| As it turns out there is no such magic pill. Every | | | | |