Archives for October 2012

How Much is Your Home Worth

Determining your home’s value is very important and impacts many financial decisions including; selling your home, refinancing your mortgage, buying homeowner’s insurance, estate planning, and several other financial decisions. Just like other markets, real estate markets are constantly changing so your home may be worth more or less than what you originally paid for it. It’s a good idea to try to find your home’s value from several sources. Here are three areas we suggest when determining your home’s value.

  1. Call a REALTOR® to get a comparable market analysis (CMA). This is a good idea even if you’re not ready to sell your home. Most REALTORS® will offer you this information as a marketing service to earn your business if you do decide to sell your home in the future. A CMA shows the prices of homes that have recently sold in your area as well as the price of comparable homes currently on the market. A good REALTOR® can give you a rough idea of what your home would sell for given it current condition coupled with current market conditions.
  2. Pay for a professional appraisal of your home. Unlike a CMA a professional appraiser will charge for this service, usually a couple of hundred dollars. The appraiser will complete an in-home inspection, use current market conditions, and other data to determine an opinion of your home’s worth. Depending on the complexity of the financial decision, the money spent on an appraisal may be well worth it.
  3. Visit current open houses in your area. Visiting open houses will provide you a look at what’s available in your market and allow you the chance to talk with local real estate agents. It’s important to remember however that a home’s particular listing price might not be indicative of that home’s true value.

If you would Clayton & Clayton to speak with you about your home’s value please give us a call or fill out the form below. It would be our pleasure to help you with this important decision.