To calculate the value of the home, a comparative market analysis (CMA) is prepared showing other properties sold and for sale, and calculating the value by comparing this home to past home sales nearby.
It takes analysis and an in person tour to really study a home's value properly. When we examine the properties we use comparables for your home. The leading factors for qualifying these comparables would be the following: Location, (preferably within 1-2 miles of your home - not always possible) Square footage, # of Bedrooms and Baths, lot size, style of home - less significant factors, but still in the equation would be, # of garage spaces, overall condition, upgrades, finished or unfinished basement.
The best advice I can give is to work with a realtor who is seasoned and able to tour homes with you and properly value them. You can also look up sold data on our web site, which is a start in helpin you look at general home values, but not a wise way to bid and negotiate. Here's the link to the Sold data http://www.JohnLuca.com
If you have further questions, you can call us at 302-740-5872.
John Luca, licensed in DE, PA & MD
Top 3% Nationwide
Active Investor - Seasoned Negotiator
Prudential Fox and Roach Realtors
Office: (302) 999-6966
Cell: (302) 740-5872