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Home Values

Is My Home Priced to Sell?

Following homes values can be a very time consuming process. The internet is a great resource to locate current information about home prices. However, this information can be misleading or just plain wrong. It is important to have an experienced realestate agent to help interpret this information and decide what is valuable and what is not.

Due to the recent housing situation with a high inventory of foreclosures, there has been a lot of discussion of what actually constitutes the true value of a home if it must compete with forclosures. This is not an exact science, however, mathematics and good data gathering techniques can help estimate the value of the home.

As we have heard many times, "real estate is local." This is an important concept to consider when considering home values. Of course, there are national trends in prices but every area has its own unique characteristics. Home values will change due to national trends but will respond more to local trends. This was proven in the aftermath of the crash beginning in 2007, as some areas were affected more than others and some recovered more quickly than others. For this reason you must do your research locally to determine home values that will be relevant to you. It requires the right tools and expertise to accurately determine property values in the current market, taking into account a variety of variables including national trends, local job situations, amenities in the neighborhood, home features and supply and demand pressures.

The experience and resources provided by a realtor and broker will prove vital in determining value in today's challenging real estate market.