Do you ever think about that question? Its really a very interesting one and when you look at the real question, it’s usually, ‘do I have any equity in my home?’ or ‘should I look to buy/sell now?’. Seldom is the question really about the Market as it is about the individuals personal needs. The market gives us clues, interpreting those clues requires some skill, some resources to the information and a little bit of insight. None of us have a Crystal Ball to tell you what will happen, but given the relevant information, from recent past, we can certainly share with you what the trend seems to be and the trajectory its taking.
I hear a lot of people say, “well another Agent told me I could get X amount for my house, what do you think?” Well, let me start with this, did the other agent show you anything to support that? or was it a guess and number he/she just came up with to get your business. A good estimation of the price, will be based on recently Sold Properties with similar qualities within a specified distance from your home. We also don’t want to go back 5 years, the market and the Buyers then were in a very different situation, so the relevant information needs to be recent. Typical, in my area is within 6 months and start at a Quarter mile radius. Depending on the area, you may even need to go out up to 2 miles radius.
Of course these are only a couple of the factors that go into a Market Analysis on a home or piece of land, but they are significant.
If you are thinking about what your home it worth, whether it’s just to fill in your annual portfolio, Insurance or to Buy, Sell or Invest and you want your homes evaluation done, contact me today.