How to Calculate the Value of a Home

Video Transcript

"Hello, my name is Alicia Lowther, licensed real estate professional with Realty Executives and I'm going to give you some tips on how to calculate the value of your home. Have you ever heard the saying that your home is only worth what a buyer is willing to pay? Well, that doesn't really help you does it? If you're trying to calculate a list price. There are, you can carry this on, the saying a look at what sold comparable are in your area. When we talk about comparable's I recommend that you look at homes that are very close to yours, preferably in your own neighborhood. If you have to though you can expand the search a little, to get at least three, preferably five homes that have sold that are comparable to yours in location, age, size. So you want similar square footage, also lot size, and construction. Once you've identified those homes you need to calculate the average sales price for each one of those. Once you have the average sales price what you'll do is multiply that by the square footage of your home and that will give you what prices are going for in your specific area. You might want to consider talking to a local real estate agent and ask for a market analysis. They'll be happy to do this for you as a complimentary service and you can even get more than one, to provide this service for you. You can also ask for an appraisal, or that there are home calculators that can be found online. My name is Alicia Lowther, licensed real estate professional with Realty Executives, discussing how to calculate the value of your home."