The benefits of knowing your home’s value
Are you planning to sell your Westport CT home? Maybe you are thinking of having improvements made. Whether you are considering staying or moving, the following are some ways you can benefit from knowing your home’s value.
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When you plan to sell your home: To price it correctly and competitively, you want to know the right value of your home.
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When you plan to get a credit line: When you want to borrow cash against the house, your home’s value comes into play.
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When you want to do home improvement: If you are thinking of making your home more comfortable, you would first want to know if its worth is still in the range of average home prices in the neighborhood. If your home is among the high end ones in the area, and you still improve it without knowing its worth, you’ll have a difficult time selling it if and when the time comes.
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When using the home as collateral: Perhaps you need to use the home as a collateral for the business you are putting up.
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When determining the amount you need for your home insurance: It is important to know actual replacement cost value of your home in case of a disaster.
It could also be that you have no compelling reason to know your home’s worth, just a need to know because it has been many years since you’ve checked and you are curious.
When you plan to sell your home: To price it correctly and competitively, you want to know the right value of your home.
When you plan to get a credit line: When you want to borrow cash against the house, your home’s value comes into play.
When you want to do home improvement: If you are thinking of making your home more comfortable, you would first want to know if its worth is still in the range of average home prices in the neighborhood. If your home is among the high end ones in the area, and you still improve it without knowing its worth, you’ll have a difficult time selling it if and when the time comes.
When using the home as collateral: Perhaps you need to use the home as a collateral for the business you are putting up.
When determining the amount you need for your home insurance: It is important to know actual replacement cost value of your home in case of a disaster.
How to determine your home’s worth?
When you have an immediate plan to do any of the things above in the near future, you will want to have your home value right away.
You may be tempted to do it yourself, especially if you think you are familiar with the real estate market and conditions in Westport.
Other homeowners prefer to use the online home value calculator.
Both options are okay, but as a REALTOR® for 12 years, let me say both are risky and there are consequences if the results may not even be close to the right market value of your home.
I have observed many homeowners overprice their home when they are the ones doing the valuation. Online home value calculators are not accurate, and are to be used as a starting point of home valuations, not the actual estimated market value itself.
If the home’s estimated value is off by $10,000 - $15,000, that’s a lot of money on the table. Ask yourself if you are willing to lose that amount just to get your home sold.
If the estimated value happened to be higher than the market price, your home will languish on the market.
What is the best way to know your home’s value?
Request a valuation from at least three real estate agents or REALTORS® in your area.
Real estate agents use the comparative market analysis tool to know your home’s worth.
We can provide you with a list of sold homes in your area which have the same home style, square footage, lot size and age of the home. We can also provide you with a list of your competitors - active homes for sale in Westport CT, so you can check if the price you have in mind is in the range of their home prices.
The CMA has information you can use to come up with the right value for your home.
But more than that, as professionals, we have the experience, knowledge and skills you can put to use.
We can help sell your home for top dollar, and in the shortest amount of time.
We are not miracle workers, but amazing REALTORS® like me know the right ways and techniques to take your home off the market fast. You can know more about me when you visit https://HomesInConnecticutForSale.com/?s=about+Deborah
When you want accuracy and a full report of how your home’s value is estimated, call me, Deborah Laemmerhirt at (203) 994-4297. I can give you a free valuation and you are under no obligation to list with me. My passion is helping my clients enjoy the real estate process, whether they are selling or buying.
In case you can not view this video here, please click the link below to view What's My Westport CT Home Value? on my YouTube channel: https://youtu.be/ZWQs87WZMlI
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