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Ponder These Things When Determining Your Comparable Home Value

Jan 10, 2008
People who have homes that they are thinking of selling have come to me for answers about their comparable home value for a long time now. I have found during that time that they often will ask the same questions. Quite frankly, I am writing this article to assist others who may be facing the same dilemma.

I know that you probably love your home to death and believe that it is the greatest place to live and it's wonderful that you feel that way. Just be careful. A common mistake that people make is assuming that their house will be looked at that way by everyone who sees it. The reality is that many people don't have your taste in decorating or even "smells" in the home. And these little things can greatly affect your home's comparable home value.

Second, your comparable home value can literally change greatly from month to month and even from week to week. There are a few factors to consider including what homes have sold within a close proximity to your home, what homes have come on the market within that area, how many homes are currently on the market, and much much more.

Here's a touchy one for me. Blue and Orange shag carpet, floral wall paper from 1953 and large dead animals on your walls might be great for you... but not so great for others. It is imperative to neutralize your home. What I mean by that is repaint in whites and off-whites, re-carpet in a basic tan. Do things that won't cost you a lot at your local home improvement store to help increase your comparable home value in the best way possible.

Carpet is another incredible option. If your carpet is worn or stained, get rid of it! Home improvement stores will often have carpet remnants available for you at discounted rates. Another thing about carpet; if you have animals or children who pee the bed, have someone who will be honest with you come to the house to tell you if your home smells bad. While some find this comical, buyer's don not. It's an immediate turn off. Nothing lowers your comparable home value like a bad smell.

Staining decks is always a great thing to do as well. It is amazing how different homes look once their decks have been power washed and stained. I enlisted the help of my twin girls last year to stain my deck and it was a fun family project for us all.

Another common mistake is that home owners confuse market value with appraised value and assessed value. I'll explain: * Appraised value is determined by an appraiser. They take into consideration all of the homes that have sold within a short time that are within a close proximity to your home. This is often used by a bank. * Assessed value is what your local municipality considers your home to be worth. * Comparable Home Value is generally what a home buyer would probably pay for your home today based on many factors.

The bottom line is this. If you will be making a move out of your current home in the next year, get a comparable home value report for free from a vendor like GetMyHomesValue.com. They will actually connect you with someone in your area that will make sure that you are asking the correct dollar amount for your house.
About the Author
Before you choose to sell your home, visit Co-Founder Dave Conklin's site where you can find your house value comparables at no cost to you as well as your comparable home value
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