If you open your mailbox or google “what’s my Wellington Florida home worth“ you are bound to see postcards or google search results advertising:
- Free CMA for your Wellington Home
- Free Market Analysis for your Wellington Home
- Free Home Evaluation for your Wellington Home
- Free Instant Home Value for your Wellington Home
- Free Market Valuation for your Wellington Home
- Free Home Value Snap Shot for your Wellington Home
- Free Comparable Market Analysis for your Wellington Home
- Free Evaulation CMA for your Wellington Home
Basically, every Realtor is willing to tell you how much they think your Wellington home is worth for free, but how do you know if their home value recommendation is accurate? You’ll need to examine the Evidence and their Experience.
The “evidence” for determining how much your Wellington home is worth should include a list of comparables, most home buyer’s will examine the same information if they decide to submit an offer. The “evidence” should include the following;
- Homes for Sale in your Wellington Neighborhood
- This would be your immediate competition
- Similar Homes for Sale Outside your Neighborhood
- This would be your area competition
- Homes Under Contract in your Wellington Neighborhood
- This shows what asking price solicited an offer
- Recent Home Sales in your Wellington Neighborhood
- This shows true market value of what buyer’s are actually willing to pay
- Expired Listings in your Wellington Neighborhood
- This shows what asking price didn’t solicit an acceptable offer/sale
Any Realtor can provide this information, it would take me roughly 10 minutes or less to gather, but not every Realtor will be able to provide an in-depth explanation.
So what if neighborhood homes for sale, pending sales and recent sales are all between $300,000 and $400,000, how much is your home worth? $300,000? $350,000? $400,000?
This is where a local expert and their “experience” comes in. The Realtor or Realtors who are providing you with a CMA (Comparable Market Analysis) should be able to determine and explain to you why a 4 bedroom home with 1,800 square feet sold for $100,000 less than a 4 bedroom home with 2,000 square feet. Was it condition, size, features, other circumstances, like mold or was the home tenant occupied and couldn’t be shown or sold right away?
After a careful evaluation of the “evidence” and using their “experience” a Realtor should be able to provide you with a very close estimate of what your home will sell for in today’s real estate market.
However keep in mind a Realtors price opinion is considered an “art,” not a “science,” just like an appraisal. There are no set value adjustments when comparing your home to other homes in the area. I’ve seen some appraisers make price adjustments of $10 a square foot while others make price adjustments of $50 a square foot. Same goes for bathroom adjustments, garage adjustments, pool adjustments, lot adjustments and condition adjustments, they all vary from appraiser to appraiser or in the case of a CMA, Realtor to Realtor.
Once again this is where a Realtors market knowledge and experience comes into play. If a Realtor is active in the market, knows the inventory and reviews appraisals they should be able to provide you with a great price recommendation. However if a Realtor isn’t very active and doesn’t have the market knowledge they may recommend a price that’s too low or too high.
In today’s highly competitive Wellington real estate market pricing your property is the difference between a home that sells in days and one that sits stagnant for months.
If you’re wondering what your Wellington home will sell for in today’s real estate market simply fill out our Wellington Home Evaluation below. Your privacy is important to us and will never be shared, sold or exchanged with anyone else.