Estimating a residential home’s value is not an exact science, nor is it merely bricks and mortar or even square footage. A home is a complete package that will never appeal to every buyer but will appeal to the most important buyer: the one who is willing, ready and able to come to an agreement with you on the price and terms of purchasing your home.
Properties that are currently on the market are merely a “hope” by the seller that their home will sell for the desired price.
Reality is closed and sold properties. Those homes where an offer was made and accepted and the sale moved successfully to a closing where money changed hands. This is the hard market data that must be considered and on which the lender and appraisers will solely base their decisions.
The shortcoming of closed and sold data is that it is in the past. It’s a little like looking into the rear view mirror. It’s important to keep reassessing market conditions to keep updated on your home’s current market value.
