How can I find out what my home is really worth?
Finding out this information is easy and can be as easy as opening up the google search bar on your cellphone. If you need guidance on how to go through any of these steps, call Chase today at (661) 888-4493.
Step 1 - Look up your home on Zillow.com or Redfin.com - and no, not to see the Zestimate :)
Step 2 - Do some research and find out what homes have sold within 1 mile of your home within the last 2-3 months. You'll want to search up to 6 months and make sure if the home actually sold and is not listed as “pending.”
Step 3 - Compare the homes to your home and see how similar or different they are. Check on the number of bedrooms, bathrooms, the amount of square footage. You'll also want to consider if they have a pool or a really gorgeous view. Lastly check on whether the home has been upgraded or in its original condition.
Step 4 - Begin to narrow down which homes are most similar to yours. The more honest you are with this step, the more realistic the estimated price will be. If your home isn’t immaculate or sporting tons of upgrades, you'll want to consider comparing your home to something similar. For example: two homes within the 1 mile radius sold for $600,000 near you that were in similar condition, and another sold for $660,000 - but this home was fully upgraded and slightly bigger. Your home is going to compare closer to the ballpark of $600,000.
Step 5 - Now that you have a much better idea what your home’s value is, go back to Zillow.com or Redfin.com and look at homes that are “Active” and "Pending" on the market within the 1 mile radius. This simply means that the sellers have accepted an offer and are waiting for the purchase to close. This information will tell you where the current market is and how buyers are responding to homes in your area. For example: If there are three homes similar to yours that are listed for $630,000 and all of them have accepted an offer within the first week - this is great news! It means the area you're in is in high demand and the value is over the example estimate of $600,000. If there are three homes and 2 are listed for $630,000 and have not accepted an offer, but one is listed for $605,000 and is “pending,” then that will show you where the value currently is, around the $605,000.
Give Chase a call at (661) 888-4493 and we'll give you a free home analysis.
We'll let you know exactly what your home value is, as if you were to list it today!