How To Find Out What Your Home Is Worth

By
Real Estate Agent with RealTeam Real Estate

How To Find Out What Your Home Is Worth

Robert Henry,
Managing Broker

by Robert Henry |  September, 2013

Spokane home values are increasing and the number of homes selling is on the rise.  What is the best way to do your own research to get an idea of what your home would sell for in today’s market.

The best way to research your home’s current value is:

1)  Gather your home’s stats (i.e. Year Built, Sq Ft, Bedrooms, Baths, Garage Size, Lot Size).

2)  Next, look at home sales, in the last six months, and in a half mile radius surrounding your home.

3)  Choose homes that have reasonably close characteristics to yours – be objective. Homes should be with 300 sf of your home’s finished square footage.

4)  This will give you a price range.

Next, you will need to look at homes you would be competing with.

5)  Using the price range you established above (we typically add $10k either way), do a search in your zip code and any additional zip codes that a potential buyer would consider similar to yours.

6)  Use your home’s characteristics (bedrooms & baths) to narrow your results.

7)  Sort the results to show from least expensive to most expensive.

8)  As you begin previewing the results (objectively and thoroughly), look for homes that would be a reasonable comparable to yours and STOP when you reach homes that have superior finishes to yours.

Now comes the tricky part.  Most sellers list their home an average of 12-18 percent above actual market value. Additionally, most homes will not begin receiving showings and subsequently offers until the price is within 3% of market value.

9)  Once you have reached a price point where your home is comparable, deduct 15%. You will have a reasonably close “estimate” of the potential sale price of your home.

Of course, meeting with a qualified real estate professional will provide you a much more practiced and accurate estimation.

For a Market Valuation, visit:  http://www.search-northwest-homes.com/selling-your-home/

Comments (1)

Jack Tenold
Jack Tenold LLC - Spokane, WA
Specializing in Reverse Mortgages

Very helpful information that I think our Spokane homeowners should take a serious look at.  Homes move quickly when they are priced right.  Best wishes for 2014.  Jack

Jan 23, 2014 06:04 AM