You hear it a lot in real estate: The CMA.
That's the method by which Realtors benchmark the features of your home against homes that recently sold - especially ones that were similar to yours.
It's an interesting exercise because it assumes that if a home with the same features as your home sold recently, then your whole should be worth roughly the same. The logic makes sense, except in a market where drastic differences exist within a close radius - like from one street to the next. Or if we're dealing with the realities of appreciation or depreciation. Or when there really is no other home quite like yours.
You see, in the most ideal circumstances, where your neighbor's home is exactly the same as yours, and you're in a completely flat market with no up- or downward-price pressures - meaning supply and demand are at absolute equilibrium - then it is a fairly easy exercise to determine the value of your home.
But since the only place that perfect equilibrium exists is in Economics textbooks, then considerable thought should be given to all of these questions: How different is your home from the comparables? Is the market stable? Increasing? Decreasing? What about your own motivations? Do you want to sell quickly? Can you afford a long lead time before you close on your home?
The process for determining the value of your property is where a HomeProp Agent is most valuable to you. Have a thorough conversation with them as you're preparing to put your home in the market, and see how their excellent recommendations can shorten your sales cycle and maximize your sale price.