Home Much Is My Home Worth?

This is a common question that people across thething 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 andWhat 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 ishave tile floors and maple cabinets, where you
worth by adding the annual appreciation averagehave vinyl and oak? Or do you have gleaming
of homes in their city. They figure if they paidwood floors and an exposed lower level where
$200,000 for it 5 years ago and the averagethey do not have these desirable features? Is
appreciation has been 8% over that period thanyour 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 whatbefore? 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 theold home going to be competing with brand new
outside and are approximately the same size andhomes? Maybe even in the same subdivision. Has
base their value on what it sold for. Theira new company just came to town along with
neighbors house which was an approximately500 of their employees who need homes or
2000 square feet ranch sold for $315,000. Figuringcondos 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 monthsto 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 taxaffect your homes resale value. In order to
assessment. Or an online program to enter all ofanswer 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