How can I get a true estimate of my home's value

There are different ways to value a property.

• Fair Market Value (FMV) is the price a buyer is willing to pay to which a seller will agree.
• Investors are people that would purchase a property for 10-25% below the FMV.
• Insurance companies would use replacement value, which is designed to estimate the cost of the construction, without the land.
• Appraised value, is used by lenders based on similar properties that have been sold in the last three to six months. A decline of the real estate market causes lenders to be more conservative so they can protect their potential losses.
• Your price which is based on appropriate preparation for sale, competent marketing, and other features that are considered added value for YOU.
• Other major factors are market trends.

Bottom line if you are a seller the best way to get a true estimate is to consult with a Realtor. Beside giving you the right information, a good Realtor will help sell your property and maximize its value.

Shannon Aronson top Keller-Williams real estate agent Short Hills Millburn and surrounding towns in New Jersey.