Great question.  In reality, the value of your home is what someone is willing to pay for it.  Home appraisal and valuation are not an exact science.  My mother and I, for example, have talked with countless sellers who are frustrated with the fact that their most recent home appraisal (many times obtained from a home refinance) indicates that the home should, in theory, be selling for much more than it is.  And yet, the have not received a single offer.  Likewise, in the hey-day of real estate, from 2003-2005, it was not uncommon to see appraisals that were significantly lower than the actual market value. 

What your home is worth will be determined by the supply and demand at the time of sale, your home’s condition and upgrades, and its features including square footage, and lot size.  Many times you can get an approximate idea of value by looking at recent sales in your area. Websites such as Zillow.com specialize in providing instant home valuations based on algorithms that they use to balance recent home sales and your home’s specific features (from tax data).  Just enter your address and Zillow will provide a “Zestimate” of value for you.

Ultimately, however, the best way to get an accurate estimate of value is to have a real estate agent, sometimes several, come out to your house and take inventory of your specific home.  Every home is unique in its own way- this is what sets homes apart from commodities such as stocks.  Likewise, every real estate market is somewhat different depending on where your home is located. 

If you would like our advice on the market and your home’s specific value please feel free to give us a call (951-784-2500) so that we can set up an appointment. You can also fill out the form below and we will contact you as soon as we receive the request.

Warm Regards,
Danielle & Susan Ray