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How Much is My Home Worth?
This is a common question that people across the country are asking. From Minneapolis, MN to Miami, FL to San Francisco, CA to Portland, OR and everywhere in between. As a realtor in Madison, WI I am asked this question almost every day.
Some people try to figure out what their home is worth by adding the annual appreciation average of homes in their city. They figure if they paid $200,000 for it 5 years ago and the average appreciation has been 8% over that period than their house is worth $293,865. Is this correct? Maybe.
Others will try to base their house value on what properties in their neighborhood are selling for. They find houses that look similar from the outside and are approximately the same size and base their value on what it sold for. Their neighbors house which was an approximately 2000 square feet ranch sold for $315,000. Figuring their house is about the same size, age, and style- they should get $316,000. After all it is 2 months later! Is this correct? Maybe.
Maybe there is a % to add to the tax assessment. Or an online program to enter all of your homes data and out ... more

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