How Much is the House Worth

Research and determine your houses fair market value. This is most easily done by hiring a licensed Washington real estate agent to provide you with a market analysis for your house. The agent does this by researching those properties in your area that are comparable in size, age, condition and potential as yours. Detailing to you what is currently on the market that is comparable to your house (current homes for sale), what has sold in past 6 months or so, that was comparable, and what the high, low and average sales price and or listings price comparable homes have gone for in your area.

In addition, you can order an independent appraisal. Banks and mortgage companies hire licensed appraisers to tell them the market value of a home based on its place in the market and its condition. Many of the same factors your agent will use to compare your house to others will be used by the appraiser to arrive at his/her price. Appraisals tend to be more conservative in their price than those suggested by real estate agents. However, true market value may be closer to the higher of the two.