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How We Find the True Value of Your Minneapolis Home
Manage episode 152690900 series 1068072
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How do you determine the value of your home before putting it on the market? A lot of people have been asking me that question lately, so today, I'll try to answer it.
The main thing agents use to determine home value is a comparable market analysis. We look at homes similar to yours in your area built within five years of your home. We also examine square footage, the number of bedrooms, and the number of bathrooms. We try to find homes that are the most like yours that have sold in the last 90 to 180 days, and see how they were priced.
Then we look at the active and sold properties. I even look at the properties that didn't sell, the expired and canceled listings. I try to determine why those properties didn't sell. Was the home overpriced, or was it because of market conditions beyond the owner's control?
A lot of people also ask me if they can determine how much their home is worth from third-party websites, such as Zillow and Trulia. The short answer is no. You cannot determine what your home is worth based on their estimates. No one from Zillow or Trulia has been in your home, so they cannot give you an accurate estimate of the value. All homes are different. Renovations and upgrades can definitely change the value of your home, and Zillow and Trulia won't know about those upgrades.
If you have any questions about today's video, or about real estate in general, please contact me. I'd be happy to help you!
The main thing agents use to determine home value is a comparable market analysis. We look at homes similar to yours in your area built within five years of your home. We also examine square footage, the number of bedrooms, and the number of bathrooms. We try to find homes that are the most like yours that have sold in the last 90 to 180 days, and see how they were priced.
Then we look at the active and sold properties. I even look at the properties that didn't sell, the expired and canceled listings. I try to determine why those properties didn't sell. Was the home overpriced, or was it because of market conditions beyond the owner's control?
A lot of people also ask me if they can determine how much their home is worth from third-party websites, such as Zillow and Trulia. The short answer is no. You cannot determine what your home is worth based on their estimates. No one from Zillow or Trulia has been in your home, so they cannot give you an accurate estimate of the value. All homes are different. Renovations and upgrades can definitely change the value of your home, and Zillow and Trulia won't know about those upgrades.
If you have any questions about today's video, or about real estate in general, please contact me. I'd be happy to help you!
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