How is the value of my house determined?

How is the value of my house determined?
Chris Lawrence:
How is the value of my house determined?

Hi, I’m Chris Lawrence, the owner of Helping Homes, which is a locally owned home buying company in Rochester, New York. A question that often comes up in conversation when talking with sellers about their house is, how do I determine the value of my house? Can I use a Zestimate off of Zillow?

These are great questions. You can use Zillow to determine a ballpark value and get you in the range. However, in my opinion, the best way to determine the value of your house is by reaching out to a real estate professional. We will then start comparing like properties that have recently sold near your house, the closer and more recent the sale, the better. In the real estate world, this is called competitive market analysis, or CMA. Ideally, you want to compare the condition of your property, square footage, bedrooms, bathrooms, and the location to a similar property that sold recently.

It’s also important to compare sale price versus listing price. Sale price lets you know what the market is willing to pay for a similar property. Listing price is suggested retail. And another way to determine the value of your house would be to hire a professional appraiser, many of these around in the local Rochester area.

If you have any further questions on how to determine value on your property or what method would be best for your situation, please feel free to give us a call or fill out the quick form on our homepage on our website, and at a minimum, we can give you some sound advice and guidance, as we believe it’s best to reach out to real estate professionals to determine the value of your house. Thanks.
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