QandAs: Loans

What is My Home’s Value?

Answer:
There are many factors to consider when determining

the value of your home. The value of your home is influenced by many factors. Of course, the main factor is real estate is location, location, location – so where you live is certainly a key factor.

Depending on where you live makes a big difference. If your home is in a large city and within walking distance of amenities such as schools, parks, shopping or transit services, it is likely that the value of your home will be higher than a home with more square footage and less amenities.

Real estate experts can assist you in determining your home’s value by looking at a CMA or “comparable.” A CMA is a Comparative Market Analysis provides financial information such as what price other homes may have recently sold for in your area; therefore, assisting in determining the value of your own home. An agent (or appraiser) may also inspect the physical location of your home as well as taking current market conditions and trends into account.

In addition, there are many online real estate calculators available to you to assist you in estimating the value of your home.

If you are considering purchasing or selling your home contact a reliable real estate professional to assist you.