Pricing your home is an art not a science. Your home’s value is dependent on what a buyer will pay. Nothing more, nothing less. Your home’s value is not influenced by:
Online Estimates: are similar to parlor games, fun but not to be taken too seriously. When using Zillow, understand that this zesstimate is just that – an estimate. Zillow and other online home valuations are unable to take into account such deficiencies such as functional obsolescence and incurable defects.
Perhaps you have an appraisal from a recent refinance. Full time Realtors look at homes each and every week on Broker’s Caravan days. When the appraiser is comparing your home to others (comps) he has not personally viewed the interiors of the homes he is using as comps. He may be unaware that the 35,000 square foot lot is sloped and only offers room for a small patio in the back. An appraiser is unable to determine what a buyer will pay for a home. Realtors work directly with home buyers and know how much a view is worth to a buyer or how much high tension lines detract from value. An appraiser uses more modest adjustments, and will give minimal credit for a $100,000 kitchen remodel.
Pricing your home is an art – not a science. When I am determining at which price a home will sell, I take into account current competition. In addition I evaluate homes which are in escrow and how long it took for them to sell. Of course I take into account recent sales as well.
If you want to know the real value of your home, give me a call.
