Thursday, January 10, 2008

Comparable Home Value Changes At The Speed Of Light!

By Dave Conklin

I have been in the business of helping home owners to find their comparable home value for more than seven years. It is so often that they make the same mistakes over and over again. In an effort to clear the air a bit, I decided to put this list of things to think about when you are researching your home's comparable market value.

I know that you probably love your home to death and believe that it is the greatest place to live and it's wonderful that you feel that way. Just be careful. A common mistake that people make is assuming that their house will be looked at that way by everyone who sees it. The reality is that many people don't have your taste in decorating or even "smells" in the home. And these little things can greatly affect your home's comparable home value.

Second, your comparable home value can literally change greatly from month to month and even from week to week. There are a few factors to consider including what homes have sold within a close proximity to your home, what homes have come on the market within that area, how many homes are currently on the market, and much much more.

Here's a touchy one for me. Blue and Orange shag carpet, floral wall paper from 1953 and large dead animals on your walls might be great for you... but not so great for others. It is imperative to neutralize your home. What I mean by that is repaint in whites and off-whites, re-carpet in a basic tan. Do things that won't cost you a lot at your local home improvement store to help increase your comparable home value in the best way possible.

Carpet is another incredible option. If your carpet is worn or stained, get rid of it! Home improvement stores will often have carpet remnants available for you at discounted rates. Another thing about carpet; if you have animals or children who pee the bed, have someone who will be honest with you come to the house to tell you if your home smells bad. While some find this comical, buyer's don not. It's an immediate turn off. Nothing lowers your comparable home value like a bad smell.

Staining decks is always a great thing to do as well. It is amazing how different homes look once their decks have been power washed and stained. I enlisted the help of my twin girls last year to stain my deck and it was a fun family project for us all.

The last thing you need to understand is the difference between comparable home value and how it relates to an appraisal vs. market value. Simply put, an appraisal considers only what homes have sold for in a very recent time frame and within a very tight radius. Your home's market value takes other things into consideration, like cosmetics, and other appealing features that your property possesses.

If you're thinking of selling your home, use a site like GetMyHomesValue.com to find out your homes comparable value. The professional who helps you to determine it (for free) will give you the advice that you need to make sure that you are getting the most for your home.

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