May 12, 2008

Determining Your Home's Worth

Often people who are selling their home encounter difficulty over the unexpected. I am not talking about finding water in the crawl space or toxic mold. What I am talking about is meeting your financial goals, not just for the home you are selling but for the home you wish to purchase as well.

Selling your home is a big deal, buying your next home is almost as important. Many times the sale of the home you currently reside precedes the purchase of your next home. Many times this is your dream home. Before you put your home on the market you should determine what your goal is for your next home and if you can afford the costs associated with buying another home.

Determining your homes value before you sell is a critical step in selling your home. Of course to most this is obvious but maybe for different reasons than what I am about to mention. Have you ever ran into someone that sold their home to buy their dream home only to be turned down by creditors or were unable to finance the amount they needed for their dream home? Dont let it happen to you. Talk to mortgage lenders before you put your home up for sale. Get pre-approved for a home loan before you sell your home. By doing so you avoid any unexpected circumstances when it comes to the amount of money you can borrow. Dont fall victim to selling your home and then ending up buying a new home that is less than desired.

Determine what your home is worth and get a range for what you think it will sell for. The easiest way to do this is to contact several real estate agents and interview them to sell your home. Have each provide you with a CMA (comparative market analysis). When real estate agents do a CMA on your home they look at multiple factors that help determine the fair market value of your home. Multiple CMAs provides a range for the value of your home. Use this to determine how much additional proceeds you will have for your home purchase upon the sale of your current home.

Jason Deines is the publisher of BoiseRealEstateInfo.net. Which offers information on Boise Idaho Real Estate.

Article Author: Jason_Deines

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