HOW MUCH IS MY HOME WORTH?

[Pages:14]HOW MUCH IS MY HOME WORTH?

BY RUTH LYONS, SACHS REALTY

Ruth Lyons

MARYLAND LICENSED REALTOR (#672703)

Years of experience

REAL ESTATE AGENT Feb 2018 - present REAL ESTATE INVESTOR 2012 - Present Marketing/Publishing Executive 1985-2014 Masters - Financial Management (JHU) Bachelor of Science - Business Managemnt (U of MD)

Specializations

SENIOR REAL ESTATE SPECIALIST

REAL ESTATE INVESTING

AUTHOR: MOTLEY FOOL, INVESTOR JUNKIE AND OTHER RESPECTED PUBLISHERS

HOWARD COUNTY EXPERT

Location

You can't move a home!

YOUR HOME'S VALUE IS MARKET-DRIVEN

Market Conditions

What's the available inventory of homes on the market? What are interest rates?

Property size and condition

How your home compares to other available homes that the buyer would consider.

What is my home worth?

Online Zillow Estimate

Compiled data - Automated

Market Analysis by Knowledgeable Local Agent

Analysis of recent market activity of similar homes in close proximity to yours

Appraised Value

Lender required value assessment

"Zestimate" Is it accurate?

Free

Online tool that's free to use

Provides an Indication

Created by automated software that crunches available data to estimate home's value.

Output is only as reliable as the input

All homes are unique and those features aren't calculated into the algorithm. When was the last time Zillow took a tour of your home?

Comparative Market Analysis Performed by Local Agent

Free

Most agents are happy to run a Comparative Market Analysis (CMA) for you.

How it's done

Agent visits your home, studies and analyzes recent active, sold and expired listings similar and in close proximity to your home and makes adjustments to "comps".

A very accurate snapshot

It takes time and skill to properly do a CMA - don't hire a lazy, unskilled agent!

Appraisal by Licensed Professional

Costly

$500-$900

How it's done

Inspector visits your home paying close attention to condition and replacement cost of any deferred maintenance issues

A very accurate snapshot

Lender required. A conservative estimate of market value in time.

Buyers don't care about...

What your neighbor sold his home for a year ago

What you spent on improvements, upgrades and repairs

What it would cost to build your home today

.

How much money you need to get from selling it

What your uncle says he'd give you for it as soon as he wins the lottery

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