How Much is My Home Worth?
Do you wonder how much your home or condo will sell for? Do you wonder how much money you will clear if you sell your home? Do you wonder how much homes are selling for in your neighborhood?
Automated online valuations are notoriously inaccurate and should not be relied upon for any real decision-making. Contact us and we'll take the time to give you an expert opinion about where the market is. We'll get to know your home and chances are we already know your neighborhood. That way we can give you a free, no-obligation opinion of the market value of your home.
Nesbitt Realty sells real estate, homes and condos in Alexandria, Arlington, Falls Church and Fairfax. We will develop a unique marketing plan to sell you home. Contact us to learn more about our our plan to sell your property.
What your home isn't worth!
Many homeowners find it confusing that there are various numbers floating around that indicate their home value. Here are a few:
- Property tax assessment. Each county and city in Northern Virginia establishes value for a real estate tax assessment. In our experience, this price rarely correlates with the market value of your home. Depending on whether you are in the City of Alexandria or Arlington County or Fairfax County, your tax assessment can be higher or lower than the current market value.
- Homeowners insurance value. Insurance estimates are based on the cost of replacing your home without the land, so this value is skewed compared to market value.
- Mortgage balance. How much is owed on a property has nothing to do with the value of the home. The market doesn't care if a seller has a big or a little debt.
- Neighbor's home value. Even if your neighbor's home is similar to yours, it's not likely to be identical. A REALTOR® can help you evaluate your home's worth in the context of other nearby properties.
Cost when you purchased the home. Regardless of how long ago you purchased your property, the value can have gone up or down.
- Zestimated value. Zillow is a popular website that provides “z-estimates” that purport to calculate the value of every home in the United States. Zillow tries to accomplish this task by using a sophisticated logarithm which compares factors which affect home values, but many consumers have serious doubts about the accuracy of Zillow home value estimates. Zillow tells us that their estimates are only within 5% of the actual value, which means that in Northern VA and according to Zillow, the value can be off by an average of $25,000. [Read More]
- Desired value. The seller in Northern Virginia can try to put your home on the market for a desired price, but if you've over- or under-priced it, you're shortchanging yourself. because you're either selling too low or your house could sit on the market and eventually sell for less than if you priced it correctly in the beginning. Even if a buyer agrees to a larger price, it might not matter if a property can't appraise for that value.
Comparative Market Analysis
A Nesbitt Realty REALTOR® can do a comparative market analysis with recent market data to help you estimate your home value in Northern Virginia. We're not a national operation. We only serve Alexandria, Arlington, Fairfax County and parts of Prince William County. Because specialize in this market, we can apply data and adjust based upon experience and local knowledge. We know when the local market is hot and when it's not. We know that one zip can be on the rise, while homes just a mile away can be losing value.
For this reason, a CMA is both an art and a science. We base our recommendations on data tempered with experience. Nesbitt Realty find for recent sales of nearby homes that are similar to yours, preferably within the past two or three months, up to about six months. We will also research homes currently on the market and homes that didn't sell that were taken off the market to compare values.
What we compare
- living area / size;
- number of bedrooms and baths;
- the condition of your home;
- the neighborhood;
- the proximity to amenities;
- the view and many other unique aspects of your home.
We will prepare a detailed report to include photos of comparable properties. While it may be tempting to list your home with an agent who tells you it can sell at the highest price, a smarter way to sell your home is to price it as accurately as possible from the beginning. Studies show that an overpriced home that lingers on the market will end up selling for less than the estimated correct price.