What’s My Home Worth?

What’s it worth? Well, you need a Comparative Market Analysis or “CMA” This is not a certified appraisal, but it does give great general information on the Real Estate market around your home. Oh, and as opposed to an appraisal it’s FREE.

This really is the most asked question I ever get, even more so than the ones about foreclosures. You see foreclosures come and go with the Real Estate cycles. However, everyone at some time or another wants to know what their home is worth.

Sometimes it is for the obvious reasons; they are preparing to sell it. Other times they are refinancing it, doing remodeling, or trying to lower their taxes. Whichever is the reason you want to know, I can help.

In the Irving Las Colinas area this is generally how it is done…

First I ask the client what is the reason they want to know.
(Let’s assume it is for a sale in this little demonstration)
Next I go to the Dallas Central Appraisal District to look up the property.
I then go to the MLS and see what homes in similar size and features have sold in the area of the subject property. I also look up what homes have expired, which tells me the ones that are usually overpriced. I then look up all the homes that are currently on the market in the same area as the subject property.

With this information I can tell you the average sales price and average price per sq. ft. of properties that have sold, as well as the ones languishing on the market.

I then like to go to the subject property to see if it falls in line with average conditions. If it is in great shape and has been completely remodeled I would give it an above average price per sq. ft. If it needs a lot of work, then it will get below average price. If it is average, well then it’s average.

Last I gather up all of my information and plug in the numbers I feel it will sell for (generally it is a small range) and present it to the seller. It is a little more complicated, and it takes more than these few paragraphs allude to, but I am glad to do it for my clients, as would most Realtors.
Even if you really haven’t got a good reason to know what your home is worth, it still is fun to find out. So call me, and let’s see “What’s it Worth”