The Standard & Poor’s/Case-Shiller 20-city home price index increased from an 8.1 percent year-over-year gain in January. And annual prices rose in February in all 20 cities for the second month in a row. These increases along with tight inventory of available home have sparked new interest in some owners to consider selling their home. But how will you be able to find your Home’s Fair Market Value?
Fair Market Value of a home is the price that your home would fetch with a average marketing period with the home marketed to both Cash and Non-Cash buyers. The contrast between the Fair Market Value of a home and a Quick Sale Value of a home is the fact that Quick Sale value of a home is the indicator of a distressed sale as opposed.
Home Owners good estimates based on historical sales such as Trulia, or RedFin. But it’s much smarter to get a valuation developed using a local realtor since these portal do not take into account any unique features of a property. But keep in mind that these portals will only provide you an “estimate” since they offer no feature to filter for unique features of a home. But to be certain that your home sale will net sufficient funds to clear ALL the existing loans including the commission; you should retain the services of a Real Estate broker or agent. This Real Estate agent can request Payoff amounts from your lender(s) to find out the if you can avoid a Short Sale and list your home for it’s Fair Market Value.
And depending on the net amount and your plans, this agent can develop a marketing strategy to help you get the maximum amount for your property. In fact, we have written blogs about strategies to maximize your net proceeds from your Home Sale which we strongly recommend for everyone considering selling their home.