The short answer; whatever somebody is willing to pay for it! This is a common question in real estate sales. Home owners across the country want to know what their homes are worth on the open market. Many sellers will say “Dave, Zillow says my property is worth X, or the city has it assesed for Y.” Careful about online valuations regarding your home. Typically, I have found them to be way off and much of the time their data is not current.
The best way to determine your homes value is to have an appraisal. Appraisal companies charge around $350–$500 for a residential appraisal. Typically they use multiple approaches for determining value. Such as depreciation, comparable sales, rebuild costs etc.. If that’s not in your budget call me and I’ll do a CMA (current market analysis) for free. Basically, I pull like properties to yours and come up with a price.
That being said, even appraisals can be way off. My personal opinion is the sales comparison approach works well. Using recent similar homes that have sold to
yours in a similar location is a good approach. However, it’s not an exact science as no two pieces are property are exactly the same.