Selling your North Carolina home for the best possible price requires an understanding of current market values. It’s important to know that your home’s market value is not necessarily the same as other values assigned to your property. Here are some facts about market value:
- The amount you originally paid for your home does not influence the current market value. Put simply, your home is worth whatever someone is willing to pay for it today. This amount depends on prevailing market conditions.
- Your property tax assessment is not the same as current market value. Tax assessment valuations are adjusted infrequently; market values change continually.
- Your homeowner’s insurance policy includes a “replacement cost” estimate, which is not the same thing as market value. Your homeowner’s insurance coverage is concerned with the cost of rebuilding at today’s prices for labor and materials. It isn’t unusual for your replacement cost to exceed current market value.
- Online home value tools are not an accurate projection of market value. Your home may have amenities that increase its value. If your home needs repairs, the value may be less than the online estimate.
A Comparative Market Analysis (CMA), prepared by a professional agent like Mike Huffman, is the best way to determine the market value for your home. The CMA is a local analysis of recently sold homes with features similar to yours. The very latest home sales data is used in the CMA.
Mike Huffman provides local market information and expert strategies to help you obtain top dollar offers for your home! He provides a Comparative Market Analysis as part of your free, no-obligation consultation. Contact us today to find out what your home is worth!