What’s the Value of Your Home?

Are you thinking of putting your home for sale in Del Mar? We know you want to reap over 100 percent of the price you actually purchased your home for.

Before your dreams of flipping your home come into the picture, you must detect an estimate on what the worth of your home is in the present market. The ideal value is what only a home buyer would be willing to pay for.

According to an article in realtor.com, there are numerous methods in which you could find the value of your home for sale in Del Mar. First here’s the list of non-indicators that many feel what their home value may be:

Property Tax Assessment: There is a formula utilized to find a home value that each jurisdiction uses for a tax assessment seldom relates to the value of your home. The current market value could be higher or lower than that of your tax assessment.

Homeowners insurance Value: Estimates of insurance are pending on the price of replacing your home without the land, so comparing this to the market value, this value is skewed.

Mortgage Balance: The balance of your mortgage reveals your home loan. What sets your loan payoff and the market value is your equity.

Home Value of the Neighbors: Your neighbor’s may be very similar to yours. A Realtor in Del Mar could assist you in appraising a value for your home in correlation with a property of a neighbor.

Price When You Purchased the Home: The value could go up or down no matter of how long ago you bought the home.

Desired Value: You could always put the home – however underpricing or over pricing it could be a problem that you run into. If it’s too overpriced, you may end up receiving far less than what you bought it for.

Comparative Market Analysis

By working with a Realtor in Del Mar, you could do a comparative market analysis with data that is reflective of the recent market to see where your home is valued at. When you make the sale on your home, an estimate will be necessary for the buyers’ lender.

That said, “Your home will have 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.”

The comparative market analysis is focused on data, local market knowledge and having an intuition about homes to compare and interpret the price. Realtors will look between two and six months to see how the recent sales in Del Mar have fared. The Realtors also could search other homes that currently are sitting on the market to compare and contrast.

While you may try to work with the Realtor that will sell your home in Del Mar at the highest price – you should take the services of a Realtor that will provide you with the most accurate pricing. Usually when you have homes that are overpriced, the effects won’t be lucrative for the person selling the home – and they may sell under the estimated correct price.

By Linda Moore


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