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