How Do You Estimate Home Market Value In Real Estate?
If you are considering selling your home or refinancing your mortgage, you need to have a good idea of the fair market value of your home. Fair Market Value is based on what someone in the current real estate market in your area would be willing to pay for your home, not what you think it is worth or what you paid for it. While this seems like common sense, many people are not objective when it comes to estimating the value of their home. Go through sold and current listings in your area to see what kind of features are commonly mentioned in the comments. Agents list these features because they have found that buyers find these desirable. Note which of them exist on your property. See how much more houses that have these features sold for than homes without them. You can also use your original appraisal to see how much “credit” the appraiser gave you for those features. If your home was purchased within the last few years, it may be safe to use most of the dollar figures. Find out the
