What's My Home Worth?

What’s My Home Worth?

Have you ever wondered what your home is worth?  Are you thinking of selling, but not sure if selling would benefit you at this time?  There are a couple of ways to find out.  One is to have a formal appraisal done on your home but of course, that cost’s money.  The other is to get a free market analysis on your home.  Mick and Jane Goebel, of The Goebel Team in Murphy, North Carolina, are top notch Realtor’s and would be glad to sit down with you and assess your home.  They would be glad to conduct a free property valuation for you.  The article below gives some information about the difference between an appraisal and a property valuation report.  It also discusses the advantages and disadvantages of each.  

Go to Mick and Jane’s website here to fill out the form to get started.  It’s FREE – and it’s done by two really great people!  You’ll not regret it, even if you decide not to list your home at this time.  Take a look at some of the reasons a Free Property Valuation Report is a “Must DO!”

Should I Get a Real Estate Appraisal or Market Analysis?

http://homeguides.sfgate.com/should-real-estate-appraisal-market-analysis-48109.html    

Formal Appraisal

The appraiser can use three different methods or approaches to value your property: market, cost and income. The market approach usually yields the most appropriate and relevant valuation for a typical home over a few years old. This approach compares your home to very similar types of homes that have recently sold in the immediate geographic area, to base a value on a going market price. The cost approach will yield a value based on what it would cost to replace your home and the land it's on. The income approach bases a value on the rental income your home can produce.

Market Analysis

The heart of a market analysis is the appraisal market approach. The broker or agent will research other similar homes in your neighborhood that have recently sold and also those that are up for sale. These similar homes are known as comparables or comps. The agent will also analyze how long it took to sell the other homes or how long they have been on the market. This allows for the marketing analysis to spot and consider marketing trends, thus forecasting the future plus using historical data to estimate the value of your home.

Advantages and Disadvantages

A major advantage that most people see in a marketing analysis is that it usually can be obtained for free from local real estate agencies, as compared to paying hundreds of dollars for an appraisal. The major disadvantage is that the agent has a vested interest in getting you to list your property with him and to maximize the value of your home. A professional appraiser is an unbiased third party and should be the most objective. Another advantage for the marketing analysis is that the local real estate agent might have inside knowledge regarding your neighborhood that the appraiser does not.