Sellers: Knowing What Your Home is Worth
Author: GreenThumbs
With the housing market in a downturn, it’s been much more difficult for real estate appraisers to determine the value of homes. The main tool appraisers used in the past to determine home value was sale prices of similar homes in the area. But as sales volume falls, there are fewer and fewer homes with which to compare. Even when an accurate value is determined based on sales of other homes in the area, because prices decline at such a fast pace, the determined value of a home changes as time passes.
To know what a home is worth, homeowners who are interested in selling their home need to look at the broader market. For example, a single family home in the Seattle real estate market will sell much higher than a home located on the Eastside or north of Seattle. Location is paramount in determining the value of a home, so note what central locations are near (parks, businesses, schools), and find out what other homes are selling for in similar locations. In addition to location, there are myriad other variables to consider, such as the Seattle residential landscaping and the quality of the schools in the area.
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