How to Determine Your Homes Value in Minnesota

"A home is worth what someone is willing to pay for it and what someone is willing to sell it for." -Joe Houghton

"The only true way to determine your homes' value in Minnesota is to put it on the market." ---Joe Houghton

"How do I find the value of my house?

The answer is complex and it depends on several moving targets.

At any given time buyers and sellers in the Twin Cities can find themselves motivated and be willing to buy or sell their home accordingly.  It is important to know that just because one home sold for certain price, the same house next door is not necessarily worth the same.  It comes down to a few factors: motivation, condition, quality, size, staging, marketing, positioning, storytelling, and of course supply and demand. I like to think there is also a luck/karma factor, but that is tricky to measure.

Mistake #1

Home sellers usually start by going to the web.  They google their address. The search results that populate first are from websites like zillow.com, trulia.com, homes.com, realtor.com, findmnhomevalues.com etc. The problem with these websites is that they are easily manipulated and they are largely based on  the information that the algorithm is pulling from the tax records. The perception by consumers is that the tax information is correct and that the assessed value that the homes property taxes are based off of is accurate. This could not be further from the truth. My point is this.  Do not be manipulated by the internet when it comes to the value of your home.

Mistake #2

Home owners ask complete strangers to provide them with a comprehensive market analysis of their home. The problem with doing this is that most agents spend very little time actually analyzing your property and the comparable properties.  The main objective of most agents is to tell you what you want to hear. Their goal is to convince you that they can sell your property for more than anyone else can.

Mistake #

Home owners believe an appraisal determines the true value of their home.  The truth is that appraisers are usually not real estate agents.  Appraisers are hired by banks after the sale has occurred to determine the amount of money the bank is willing to base their loan numbers off of.

Solution

To determine the true value of your home you need to get appropriate advice from the most respected and trustworthy real estate agent in your area.  The most honest and ethical realtor will give you a price range that they believe the home will sell.  Good agents are hesitant to commit to a suggested listing price. We know sellers are drawn to the optimistic Realtors, the ones that lead you to believe they will make you more money. 

Valuable Advice

Do not choose a listing agent based on what they tell you they will sell your home for.  Read the local reviews, research the listing agents that you have interviewed, google search or bing search the local Realtors name and company.

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