What is my home worth?

      As a realtor, I have realized everyone has the same question for me. What is my home worth? Understanding what your home is worth can help you decide whether or not to sell, how to price your property, and whether your property is holding its value.

      When trying to get a better understanding of what your home is worth, you should first consider getting a comparative market analysis (CMA) performed by a knowledgeable, local realtor. A market analysis takes into consideration many different market factors to come up with a target range of what your home is worth. There are four main categories used when preparing a CMA.

1. Available Listings- These properties are your home's direct competition. The price of your home will not be directly determined by this category because these homes have not yet sold. Market Value is only determined by homes that have already sold in the current market (90-180 Days).

2. Pending Sales- These were previously active listings that have an accepted offer on them but have not yet closed and settled. Once again these homes will not directly determine the value of your home but they will help paint a picture of where the market is heading


3. Sold Listings- Homes that have closed in the last 3-6 months are your comparable sales. These homes are the ones an appraiser will use to determine your home's appraised value. These are the most important homes in determining the current value of your home.


   
4.Expired Listings-This group will reflect the highest median sales price because they did not sell and were probably unreasonably priced. Some of the expired listings could also show up as an active listing, listed by a new agent at a new price. Listings also expire because they were not aggressively marketed or because the home was in need of repairs.


Call me today for a Free Market Analysis.
Chris Lawlor
Coldwell Banker Heritage
484-560-3226
clawlor@cbheritage.com