BOULDER, CO, Apr 24, 2024—If you're gearing up to sell your house, you're likely wondering: how much is your home worth? Below, Phil Boren, Broker Associate of RE/MAX of Boulder, Inc. walks us through the two most common ways to figure out how much your home is worth.
“A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value,” says Boren.
Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties.
Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpaying.
A certified appraiser can provide an appraisal of a home. “After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home,” says Boren.
Lenders normally require an appraisal – which runs between $200 - $300 – before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.
“You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth,” suggests Boren.
For more information on real estate, please contact RE/MAX of Boulder, Inc. at philboren@gmail.com, 303-441-5647, or RE/MAX of Boulder, Inc..
Phil Boren is a 26-year veteran real estate Broker and Realtor, specializing in consulting with buyers and sellers in Boulder, CO and along the Front Range of Northern Colorado. Held Real Estate Broker's license in Texas, California and Colorado; Managing Broker for over 200 agents and Brokers for Century 21 and RE/MAX franchises. Award-winning Realtor with experience in management, sales, marketing, relocation, appraisal, REO, BPO's, foreclosures, short sales; previously held the MAI designation from the Appraisal Institute. Experienced in both residential and commercial real estate and achieved the No. 14 individual ranking in the 5-state, Mt. States Region for RE/MAX International in 2001, based on sales volume. Received my BSBA in Finance and Real Estate from the University of Arkansas in Fayetteville, where he was a 4-year starter and 4-year football letterman for Hall-of-Fame coach, Lou Holtz.