WHAT’S MY HOME WORTH?
Most homeowners are naturally curious about how much your home is worth. It is tempting to put your address into Google and see what the Automated Valuation Models (AVMs) come back with and take that as truth. After all, you can look up your stock value, check your bank account, and even see how your 401K is doing all with a few clicks of the mouse.
However, the challenge is that your home value – or market price – is measured by:
Where it is located
How it compares to local properties that have recently sold and for how much
#1 is fairly black and white, but #2 and #3 aren’t. It takes a human real estate expert to review what has currently happened in the market to determine how a home’s value is affected.
For example, what if your home is located in Downtown Snohomish, just a block off the historic area and your street is lined with majestic trees, but your neighbor’s home that recently sold is in an area that isn’t so attractive? What if you recently remodeled your kitchen or upgraded your backyard to creating a new outdoor living area? The AVM doesn’t make these types of adjustments and cannot evaluate your home’s WOW factor.
In order to really determine where your home should be priced in the market, you need a pricing expert who knows how to evaluate your home’s listing dollars.