How to Evaluate a Home's Resale Value

Video Transcript

"Evaluating a home's resale value is a difficult thing to do on your own. I'm Richard Blake and I'm here to help explain how to evaluate a home's resale value. It's important that you contact your local real estate brokerage and ask them for list of properties that have sold in the last six months. You're going to make sure that these properties that have sold are going to be extremely comparable to your property. The way that you do this is to make sure that the properties that you're looking at have sold within the last six months as well as within a one mile radius of your property. And 20 percent of the size of the subject property as well. So, for example, if the property is 1000 square feet, you'll want to make sure that you are only using homes that are no more than 1200 square feet, no less than 800 square feet. As well as include homes that have similar amenities such as pools, Jacuzzis, garages, larger lot lines. Anything that is going to increase or decrease the value of the home. Just make sure that the properties are comparable and close by. Your real estate agent is going to be able to do a comparative market analysis for you. So you don't have to put too much thought or process in to that. And then from there, they're going to recommend the listing price for your property and that's going to give you the best idea what the resale value for that property. Okay? So, again, I highly recommend you contact your local real estate brokerage and they're going to have all the tools under one roof to find out what the exact resale value is of the subject property that we're talking about. Okay? I'm Richard Blake. I hope that you can use this information to......"