What’s My Home Worth?

What’s my home worth? This is a question every homeowner asks and needs to know before they list their home for sale.  Our homes are generally the biggest investment in a lifetime.  It is important to take the time to properly research the value of your home so you get the highest return for your investment.  There are a number of sources of information with a wide range of accuracy, each designed for a different purpose.

Automated Home Valuations can give you an instant value for your home.  Today when even INSTANT is not fast enough to satisfy our fast paced society, this serves the nitch for those that want an answer right now!  Automated Home Valuations were made famous by Zillow with their copyrighted Zestimate.  The problem with the Zestimate is that the information sources used come from a wide variety of sources, many of which are not timely updated.  This can lead to grossly inaccurate information.  Most of us would agree that we would not want to misprice our home by 10, 20, 50, or even $100,000 dollars.  Automated Home Valuations on many websites such as GulfShoresRealty.com offer a much better degree of accuracy because they use sources that are more frequently updated.  Their patented algorithms consider comparable sales in the area, square footage, and a various other factors.  Automated Home Valuations provide you with a ballpark home value and a value range.  They usually show some of the comparables and other information as well.  Automated Home Valuations are not very accurate because they have no way to assess the condition of the home and the upgrades and improvements.  The algorithm can not determine if your counter tops are Formica vs. granite or if the floors are hard wood vs. laminate.  Upgrades can add substantial value to a home which are not factored in.  Likewise a recent roof or air conditioner replacement can add value which also would not be detected.  None the less, they have their purpose which is to give a quick, no hassle snapshot of an approximate home value.   Click here to find out What’s My Home Worth?

Appraisals are generally only done by a licensed appraiser.  The price varies but usually starts at approximately $350 and goes up depending on size of the home and lot.  Other factors such as waterfront, acreage, etc can add significant cost.  An appraisal gives you a solid document to lean on in cases such as divorce where it is important to prove the value of the home.  It is also useful when listing a home for sale as it helps the seller establish a home value with a fairly strong degree of certainty. Real Estate Agents are not licensed to do appraisals.

Professional REALTORS® are the BEST way to determine your home’s value before placing it for sale.  They will provide an invaluable service combining a Comparative Market Analysis and their professional experience to help a home owner determine a home value with a high degree of certainty.  They combine years of experience, local knowledge of the area, comparable sales, and an in depth analysis of the unique features of your home.  They will evaluate the condition, upgrades, renovations, replacement items, view, finishes, and much more.  They are familiar with what features are trending and holding their value and which are not.  They will find a diplomatic way to inform you that your harvest gold stove is not coming back to popularity.  REALTORS® operate under a strict Code of Ethics adopted by the National Association of REALTORS®.  In addition, a REALTOR® can take the stress away and will orchestrate all the details of staging, photographing, marketing, preparing contracts and documents, financing, and closing.  This leaves you time to devote your energies to planning your move.  It is best to contact a REALTOR® at the very beginning of the planning process.  A professional REALTOR® is there to serve you and will not pressure you.  They will advise and work with your time schedule.  So if you are just curious or ready to sell your home, the very best way to find out “What’s My Home Worth?” is to call Gulf Shores Realty at 941.488.6644.