Thinking about selling your home? Let’s find out how much it’s worth!
Complete the form below and we will respond quickly with your home’s estimated value via email or text.
What Your Home Isn’t Worth
Many homeowners find it confusing that there are various numbers floating around that indicate their home value. Here are a few:
- Property tax assessment. The County uses a formula to establish home values for a tax assessment, but this price rarely correlates with the market value of your home. Your tax assessment can be higher or lower than the current market value.
- Homeowners insurance value. Insurance estimates are based on the cost of replacing your home without the land, so this value is skewed compared to market value.
- Mortgage balance. Your mortgage balance simply reflects your home loan. The difference between your loan payoff and the market value of your home is your equity.
- Neighbor’s home value. Even if your neighbor’s home is similar to yours, it’s not likely to be identical. As one of the top REALTORS® in Southern Utah our team can help you evaluate your home’s worth in the context of other nearby properties.
- Cost when you purchased the home. Regardless of how long ago you purchased your property, the value likely has changed, either up or down.
- Desired value. You can always try to put your home on the market for your desired price, but if you’ve over- or under-priced it, you’re shortchanging yourself. because you’re either selling too low or your house could sit on the market and eventually sell for less than if you priced it correctly in the beginning.
We will do a comparative market analysis (“CMA”) with recent market data to help you estimate your home value. When you sell your home, an appraisal will be required by the buyers’ lender, so keep in mind that your home has to appraise for the selling price or, depending on how your contract is written, you’ll have to renegotiate the sale or the buyers will need to come up with extra cash.
A CMA is both an art and a science. While it’s based on data, it also requires local market knowledge and intuition about which homes to compare and how to interpret the prices. The comparison of your home with others should include not only the size and the number of bedrooms and baths, but also the condition of your home, the neighborhood and the proximity to amenities.