Sometimes you just need to know the value of your home. As you may already know, the value of your home changes with time. Most of the time the value increases. Sometimes unfortunately it decreases. If you are considering selling or refinancing your property you will need to find out the value in today’s market. Getting a market analysis of your home’s value is easy. Most real estate agents are happy to provide you with a written report at no cost to you. They provide this free service with the hope that when you are ready to sell your property you will consider using their services.
The first step is to identify a real estate agent is familiar with your neighborhood. You can find them online or in the Yellow Pages. You can also find them in your mailbox. Many agents send out newsletters to the neighborhoods that are closest to them.
The second step is choosing which agent will perform the market analysis. You can choose more than one. Remember that this is a free service and should not cost you a penny. A market analysis is an opinion on value and can vary depending on the agent. Ask the agents about their experience. Have they sold any properties in the area? How long have they been in the business? Are they full time or part time?
The third step is to give the agents all the information they need. They will want to schedule a meeting with you to view the property. Tell them about any major improvements you have done to the property (new roof, remodeled kitchen, new bathrooms, recent paint, etc). You may also want to tell them about any major area projects that may affect the value, like a major highway being built in your backyard.
The fourth step is reading through the reports. If you are unsure of what all those numbers mean, make sure to ask the agent who put the report together for you. The report should include properties that are currently for sale in your neighborhood that are similar to your property. It should also include properties that are under contract in your neighborhood that are similar to your property. The last required component of any good market analysis will be properties that have sold within the last 90 days in your neighborhood that are similar to your property. Some agents will also include the most recent expired or withdrawn listings in your neighborhood. Make sure to sit down with the agent and ask all the questions you have about this report. Keep in mind that your home’s value changes with time. Get a market analysis on your home on a yearly basis. It will help you keep track of the market’s ups and downs and perhaps determine when it is a good time to buy or sell.