Determine the Current Market Value of Your Home

Our North Raleigh realtor wants to help you sell your home for the best possible price!

Determining your home’s current market value is difficult, but not impossible. Though there are various factors that go into estimating the value, there are a few key aspects that must be considered in order to ensure a true market value. In a previous post we went over the first two most important factors. Today, we will continue with the last two factors. If you’ve been thinking of selling your home in Raleigh, be sure to visit our previous post as well as read about the last two essential factor, from our North Raleigh realtor, for determining your home’s current market value:

 Account for Similarities and Differences

We talked about “comp houses” in our previous post. Though they are considered comparable to your home, not all comp houses are equal. In order to assume that your home is identical to a comp house, you must find five identical comp houses. One doesn’t count. As most homeowners never find five homes identical to their own, it’s important to make sure that you weight the sales differently.

  • Categorize all comp homes in your area.
  • Including active and under contract listings, place them in order based on their similarity to your home. Use every factor, excluding price.

In actuality, this little exercise will illustrate which comps are outliers and which are more comparable to your home. You can also contact our North Raleigh realtor for help!

According to the News and Observer, “Those of us who are more mathematically slanted, you can take this concept a bit further and weight each home in comparison to the subject property, ultimately allowing you to arrive at a pin point value.”

Market Scarcity

With a good idea of price range in mind, it’s time to look at the current market inventory. Are there a lot of properties available for sale in your area? How many? What is the price for those properties? When we talked about under contract comp homes in our previous post, we mentioned that it’d be a good idea to note the number of homes under contract in your area. If the current inventory is low, you can price your home higher. In areas with more available homes for sale, you’ll want to be a bit more conservative in your pricing; especially if you’d like to sell your home quickly. Market scarcity can fluctuate. Make sure you are keeping track of the current market availability. You want to get the most you can for your home.

A great deal of factors go into determining the market value of your home. Take the factors given to you by The Roark Premier Team, decide if selling your home in Raleigh is something you’re interested in, and give one of our North Raleigh realtors a call to set up a time to talk about the next steps to take. It’s important to make sure you end up with an accurate value of your property. Contact our North Raleigh real estate agency for more information!

Comments are closed.