Baltimore Real Estate | HUD Homes in Baltimore |Nishika Jones (410) 952-2641 | Urban Living Realty

A good question to answer for any home owner who is considering selling their home is, “What’s my house worth?”  Finding the answer to this can be a simple process if just a few easy steps are followed.  There are several options available for homeowners to choose from when determining their home valuation:  appraisals, searching the internet, and consulting a real estate professional are just a few.

The first step to finding out “What is my home worth?” is to learn the different methods of determining the value.  Some home owners choose to hire a professional appraiser to value their home.  Although this will provide the owner with the value, it will also cost the owner anywhere from $400 – $700.

A more affordable way answer the question is to hire the services of a real estate professional that will provide an estimate of value free of charge.  The reason a real estate consultant can provide the comparable sales analysis for free is because they want to have the opportunity to develop a relationship with the home owner.  Realtors understand the importance of service, the intricacies of the real estate market, and how to negotiate in the current market in the best interests of a home owner.  By providing comparable sales analysis free of charge, it is a win-win situation as in most cases the homeowner will be so delighted with the realtor’s knowledge and systems that when it comes time to sell their home, they will contact the agent to assist them.

Home owners can also conduct their own research on the internet to come up with a home valuation by doing homes for sale searches.  The problem with this method is that only the “offer” price is available on homes, not the actual “sold” price.  The difference is that the offer price is only what the seller is asking; the sold price is actually what the current real estate market has determined to be the value of the home.  It is the sold price that a real estate professional will analyze, along with other factors of the local area market, such as: the number of days the home was on the market before it sold, the size, age and style of comparable homes, and the location of the homes sold.  They also look at what is currently on the market to determine what the existing competition is.

Finding out the answer to “What’s my house worth?” can be simplistic with the aid of a real estate consultant who provides a comparable sales analysis free of charge.  It is a good idea to develop a strong relationship with such a realtor so that when it comes time to sell the home, you have a professional in your corner who already understands your home valuation.