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How much is your home worth? Due to Miami Realestate rules MLS rules, a Comparative Market Analysis (CMA) to determine your home value depends on active listings. As Agents we have access to real data of local sold listings, market statistics and we also have the hands on that electronic apps cannot perceive. All this information contributes to a much more accurate estimate—access to this information is as easy as signing up!
Video: How Much is Your Home Worth? ~ on a Seller's Market
How Much is Your Home Worth? during this Seller’s Market time? There are a lot of opinions out there on what your home may be worth. Especially, with the strong sellers market we are currently seeing, everyone wants to tell you about what your home is worth and what to do with it. How do you know who to believe? When determining the value of a home, key things we look at :size, condition, location, and most important the right marketing. We can’t compare a 2,000 square foot home with a 4,000 square foot home. We can’t just compare your home to others in your area, we have to look at homes that are similar in size. And, since there’s not a lot of inventory on the market, we will look at homes 200-400 square feet smaller and larger than your home, just like an appraiser would. Also, the condition of your home has less to do with age and more to do with the upkeep and upgrades.
We look at things like landscaping, renovations, and modern updates. What about location? Well, when assessing your location we listen for traffic, look for telephone poles, proximity to freeways, schools and malls, and anything else that may influence the value of your home. Oh and my favorite, and where most agents have the hardest time with and that is the marketing that is done on your home. Proper marketing or lack thereof can drastically change what you will get for your home, even in this sellers market. Don’t listen to someone who says that marketing isn’t important, the value you can get for your home can be influenced by the marketing it receives.
How a home is appraised for its selling price
When selling your home, the right way to start is by having it appraised by a professional. A home value estimator gives you a guesstimate value, it has no vision of the actual condition of your home. To get the most precise price with all characteristics included, you will need a real estate agent to come an look at your home. An appraiser takes underconsideration all the following key factor to come to the most accurate value of your home:
The Size of the Home
The size of your home has a great influence on its value. The dimension of the lot, and the size of the structure of the house, the total square footage of the living area, the size of the entire lot, the number of rooms in the house, and their individual sizes. The number of bathrooms and the size of each one. It is simple, the larger your house is, the more value it has.
The price per square foot is key to evaluate the value of your home.
The Location of the Home
The location will determine its selling price. Homeowners look for its proximity to schools, restaurants, shopping, hospitals, leisure and public transport. All these influences the value of your home. A well located property gets higher offers. Location is by far the most important point of your home value. A luxury mansion built in a section-8 neighborhood would loose it value and even the material used in the construction will loose its value. Instead a section-8 built in a luxury home neighborhood will be worth a lot more than it is.
The Features of the home
Features like a swimming pool, a large garage, waterfront backyard, gazebo, or other extra features, increase the value of your home. Indoor amenities, as a his and hers, a spa bathroom, a cellar, a gourmet kitchen, a gym, a movie theater and a fireplace, also adds to a property’s general value.
Home Interior and Exterior Condition
A good well kept home helps cultivate its value. Keeping it well painted, have any damaged floor and cracked windows repaired. And any other conditions so value doesn’t get affected.
The plumbing, countertops, fixtures, walls, and even the built-in appliances. Same as the shower or bathtub, faucet, toilet. Are the closet done or not? All of these details will be considered at the time of inspection.
On the exterior, the emphasis will be on the home’s siding, roof, gutters, and foundation. The construction materials and the finishing that were used on your home will be considered, as well as the landscaping, your driveway condition, and any other additions you might have invested in.
Recent Upgrades
Any remodeling or additions, will be counted towards the entire value of your property. Is your kitchen redone with new appliances? Did you renewed your bathroom and separated the shower from the bathtub?
When you improve part of your home before putting it for sale it is another way of increasing its value. Just be careful, not to invest on improvements that might not add to the value of your home. Over expending can then be hard to be recup when you decide to sell your home.
Do some research around your area and look at the kinds of upgrades they’ve done.
Another way is to check what kind of property is selling in your area, emphasis on the upgrades to get the most out of a sale. Another way is to upgrade according to the needs of your target market. If you want to attract a retired couple or a young family for example, make sure your property is prepared for your target buyer without going overboard on repairs.
How to estimate the value of your home before an appraiser comes
You can always hire a professional appraiser it gives a neutral opinion. Nevertheless, at the time of a loan approval there will be an appraisal done by the lender before approving the loan. In fact, lenders require a professional appraisal before loans are approved.
Home Value Estimator
Online estimador could be a good start. Find one that is recommended by your local Real Estate Association, it is important that it calculates precise projections based on trusted statistical data of your area.
Online tools takes public records to produce the most aproximated estimate possible. These include recent sales and prices of similar homes in your area, tax assessments, property transfers, and deeds of ownership.
Not all online estimators give you the same value for your home, though. Try to use a few different tools to get an average value for your home.
Comparative Market Analysis
Your local real estate agent can help you with a CMA. Comparable Market Analysis (CMA) is the most used way to get the best value at which your property can be sold for. Now asking for a CMA can be a hit or miss, it wil always depends on what the agent wants from you in return.
A good CMA requires prior research it is important that the property is properly put into the market to sell, neither too low nor too high. Putting a price to satisfy the owner of the property is a common bad practice to gain a listing . But usually this ens up on not getting offers and loosing the first weeks of a property coming into the market. A good CMA speaks for itself.
Make sure to overweight what you are offered. Beatrice Ponce from Coldwell Banker at WhyKeyBiscayne.com is always here to help. Reach out anytime even if you’ve just got simple questions. Do not forget! “Much of our successes get lost for the lack of a little more”.
