Your home’s value depends on many factors, including its style and size, amenities, condition and, of course, location, location, location. In addition, the value of your real estate investment can be affected by market conditions: interest rates, supply and demand and the overall strength of the economy.
As a homeowner, your ability to maintain a consistent understanding of your property’s value depends on these factors. In a changing market, it makes financial sense to know your home’s worth and to monitor the return on your investment. After all, owning a home is not unlike trading stock; knowing the time to buy and the time to sell can have a significant impact on your investment portfolio. What to do? Coldwell Banker® professionals offer these suggestions:
Ask your local Realtor®. Area Realtors® are the local market experts who keep abreast of changes in the home sales market and can provide a fair estimate of a home’s worth. In addition, Realtors® have access to comparative sales data – another tool that helps them determine the value of your home.