Answering the question of How Much my home is worth depends on Numerous Factors such as Location, Condition, Layout, Features, and Price. How does your Home Stack Up against the competition?

Determining the value of your home is a tricky calculation. There are numerous websites such as Zillow, Trulia, Realtor, Redfin, my website, and so many more where you can click a button and get your home’s price. So the question is, how accurate is the price? Well, that depends on the buyer. At the end of the day, a home’s actual value is determined by how much a buyer is willing to pay you. So you can use the auto calculators to give you an idea but to determine the actual value, we much look at your home from the perspective of the home buyer.

When I am out shopping with my home buyers, we have a process I use to help evaluate each of the properties we see. We evaluate every property using a letter grade system. My scale is A, B or C.

The first area of evaluation is the location of the property. I ask my buyers how they would rate the location in relation to shopping, travel to work, community features, etc.

The second area of evaluation is the exterior of the home. So we are evaluating the elevation or facade of the home, the front, the backyard, the condition, and the views the property might offer.

The third area of evaluation is the interior of the home. Here we are evaluating the condition and the features the home offers, such as flooring, cabinets, appliances, the layout of the floor plan, and the home’s condition.

So at the end of the showing, we will do a rating evaluation for the property that could span from a AAA property to a CCC property. This is how my buyers and I keep track of which properties they will eventually put an offer in for a purchase.

How does this answer “How Much is My Home Worth?”

We know the most likely buyer for a property has the same criteria as the current owner. That’s usually your target market. So if a seller can be objective, they can do an evaluation of their home using the same criteria. When you marry the data you receive from a CMA from a public site like Zillow with your personal evaluation, you can develop a value range for your home.

Example: Let’s assume Zillow or your REALTOR comes up with a valuation range for your home of $500,000 to $550,000 for your property. If your property scored a AAA, you would be at the top of that range, so $550,000. If your property scored a CCC, you would be at $500,000. Is it an exact science? Heck no, but does it get you close to what the market expects? My experience says yes.

Realistically you should lean on your REALTOR partner to do this evaluation as well. The average REALTOR has much more experience with the marketplace and can help fine-tune your price. They also can help you with suggestions that might boost your value with little to no cost to the seller. So with this simple system and some information from your REALTOR or public site, you can now get a better answer to How Much is My Home Worth?

As always, I am just a quick call, text, or email away.