It is very important to know the value of your home, especially if you plan on selling anytime soon. There are many factors that affect the value of a home including age, remodel work, and the local housing market.
Whether you are simply curious, attempting to divide up an inheritance, or putting your home on the market, you can figure out the value of your Southwest Florida home. Keep in mind that the best way to determine the value of your home will be to work with a professional realtor, however, there are a few steps you can take to educate yourself.
Start by gathering information on comparable home prices from the past six months that are similar to yours. A comparable home will have the similar square footage, the same number of bedrooms & bathrooms, and will be located in a similar area. The best way to conduct this research is with a local luxury real estate agent who knows and understands the market here in Southwest Florida. Your luxury agent will be able to access all of the sales information and details you need to determine your home worth.
Sort through Prices
Once you have done some research, eliminate prices that do not represent your market or home. For example, do not compare your quiet, secluded home with one that lies on the corner of a noisy street. This will not be a realistic comparison, nor will it provide you with the answers you are looking for. If a home sold very fast (or very slow) it indicates that the home was priced too low or too high (again, not what you are looking for).
Do the Math
Total up the remaining sale prices amongst your “comparable homes,” and divide that by the number of sales. This will give you the average sale price for a house comparable to yours. To have an accurate number, it would be best to compare at least three to five comparable homes to get the most authentic measure of fair market value.
Your home is probably one of a kind, therefore you will have to make adjustments to account for the differences. A good way to think about this part of the process is to take into account any extra money you have put into your home for remodels and add-ons, and add that number to the average sales price. For example, if your average sale price is $550,000 but you’ve just spent $20,000 remodeling, you could set your price slightly above to cover the costs of the remodel.
Hire a Luxury SWFL Realtor
If you’re considering selling your luxury home in Bonita Springs, Naples, or Estero, Chip and Deanna of Luxury Homes SWFL can help. Chip and Deanna bring years of real estate experience to their clients and ensure total satisfaction by keeping clients’ goals and desires as their top priority.
If you’re ready to sell your Southwest Florida luxury home, contact Chip and Deanna today to determine the value of your home.