Last week I wrote a blog post about unitboston.com's "Near Me" search for mobile Boston real estate homebuyers. (Check out the post and watch the video if you have any questions about how the app works on your smartphone.) This week I want to highlight a feature of mobile Near Me search for all you mobile Boston real estate sellers.
We all know how hot the metro Boston real estate market is. Home prices are advancing month over month and all of us are kept wondering "how much is my home worth now?" Well, with our app you can search for sold properties in a radius around your property and in a time frame of your choice.
You're probably asking yourself "how does this help me know how much my home could be worth?" Well, opinions of worth are based on comparing relevant nearby properties that have recently sold to a subject property (yours).
The main components of a comparable sale:
- Recent time frame of sale
- Close proximity
- Similar square footage
- Similar age and construction
- Similar condition
So to get a sense of what your home could be worth for yourself, the process just involves identifying "comps" (comparable sales) and comparing property features "same" to "same" and adding in, or subtracting out, some dollar amount estimate of what makes the subject property different, or unique. This method of determining value works because we know how much the comps traded for in the market, therefore we can surmise the value of the subject property today.
How To Figure Out How Much Your Home Could Be Worth Yourself
To get started with your own opinion of worth using our Near Me feature all you have to do is initiate the Near Me search from your property on your mobile device, be a registered signed-in user of unitboston.com, and select basic search criteria matching your own property:
- Property type = "condo, single family or multi family"
- Number of bedrooms = "?"
- Number of baths = "?"
And also add "advanced search" options for:
- Status = "sold"
- Sold date range = "3 months" or "6 months" (To get the best sense of what comps exist for your property choose between 3 to 6 months because this is the time frame appraisers consider relevant.)
- Creating an opinion of worth is both a science and an art form
- Comps don't always exist
- It's easiest to create your own opinion of worth in a large building where nearly identical units to yours have recently sold just down the hall, or immediately above/below you
'How Much Is My Home Worth' Questions?
I'm always happy to help people with their metro Boston real estate goals. If you have any questions about the opinion of worth that you create using our Near Me mobile search feature, drop me a line. And if you're contemplating selling, we can work together on how much your home could be worth in today's market.