What is My Home Worth?
Understanding Fair Market Value of your home
There is no single formula for determining fair market value of a property. This value fluctuates depending on a range of factors, including the area’s current economic situation and perceived desirability. Other aspects that influence fair market value include:
1) Size, age, style and condition of the home
2) Size, shape and topography of the lot
3) Quality of construction (remodeling updates or special features)
4) Desirability of the city, school system, community activities and proximity to shopping, entertainment, transportation and professional commerce
5) Sales price of comparable properties
Other determinants of your homes market value is the pricing and days on market of comparable properties-such as homes currently on the market, homes recently sold, and homes that were listed but did not sell. Other economic conditions that influence sale price include available financing and mortgage rates, and local, state and national economies can also play a significant role in the pricing of your home.
Several websites offer to automatically estimate the value of your home based solely on statistics related to size, age, lot and asking price of similar properties. Although data can be helpful, your home is not exactly like the statistics. The uniqueness of your home and the subtle differences that might exist between your neighborhood and the others nearby can make a significant difference in your home’s value.
For an expert competitive market analysis and marketing plan on how we go about getting you the highest possible price for your home please contact PLP.
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