All homeowners wonder at some point what their home is worth, but there’s a big difference between planning to sell and simply satisfying your curiosity. You can get a ballpark idea of what homes in the neighborhood are fetching by going online, or you could contact your Berkshire Hathaway HomeServices network professional for a comprehensive market analysis, a comparison between your home and other similar homes in your neighborhood.
If you’re just curious, you can take your estimated sales price, subtract the customary closing costs in your area plus the closing costs on your new home (anywhere from about six to ten percent for both transactions). But then, what have you got? Without a plan of what you want to accomplish with your equity, your home’s worth doesn’t mean anything because it can change at any time. The economy, jobs, buyer preferences, and more can all make a difference.
If you’re really interested in selling your home, run some what-if scenarios. What are your goals? A bigger, nicer home? A home closer to work or family? Are there better programs for your children in a different school district? In short, you want to know how life will improve for each of your household members in a different home or location.
Once you have the answers to these questions, you’ll be in a better position to sell your home with confidence. It’s not just about knowing how much your home is worth; it’s about providing quality of life to your household.