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How Much is Your Home Really Worth?

Do property prices in the UK double every decade? (Part One ...

The current housing market benefits both sellers and buyers, so maybe you're planning on selling your home or investing in a new one. The question then is "how much is your home really worth?" It is an important question to ask yourself because if you price your home too high, it will be sitting on the market for a long time. If you price your home too low, you'll trade payout for expediency.

Using the free home value estimator online is an option, but we have a better answer. We will give you some tips on how professionals accurately estimate the price of your home.

Let’s start by understanding the fair market value (FMV). It’s how much your home is worth in a normal and logical world where buyers and sellers aren’t desperate to make a deal and both parties know the good and bad points of the property. 

After knowing that, you need to find out the fair market value of your home or the home you want to buy. Although there is no mathematical formula to calculate it, you can collect as much information as possible and come to a solid FMV. (We suggest letting a realtor do all of this, as it's what they do for a living.)

You can find a licensed appraiser to collect the information, including condition, square footage, neighborhood, and other factors. Then the information will be used to calculate your home’s fair market value. Ideally, the fair market value is close to how much you would sell your home for.

Regardless of whether you buy or sell a house, understanding the fair market value of the property prevents you from being taken advantage of, so it is in good practice. FMV is how much your home is "really" worth, but ultimately it is worth what someone is willing to pay for it. FMV will give you a good ballpark, then take the other variables into consideration and set a price! Again, we highly recommend going with what your realtor suggests; however, some realtors will give you high numbers to get you to sign an exclusive listing. Keep this in mind, and maybe ask a neutral party if possible.

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