How much is my home worth?

Knowing the estimated value of your home helps you price it right when selling in Chicago, Illinois, before getting an official home appraisal. Understanding your home’s worth allows you to estimate the proceeds from a future sale, so you can better plan your budget for your next home. And if you’re shopping around, it’s also helpful to check the value of homes in the area to ensure your offer is competitive.

Your neighbor’s house may be similar to yours, but it’s not identical. Your home is unique in many ways: the neighborhood, the layout, construction and materials used, square footage, and room dimensions. That means there’s no reason to assume that your neighbor’s sale price should be your guide when it comes time for you to sell.

If you were to sell your home this year, a buyer would be interested in the location and how it impacts the price of the home. Location can affect how much you pay for your mortgage and whether or not there are any amenities nearby. For example:

• A house with an ocean view is more desirable than one without.
• An apartment within walking distance of shopping or restaurants will command higher rent than one further away from shops and restaurants.

• Has it been a long time since you purchased or moved into the home? If so, there may be some value in its history as part of your neighborhood.
• Have you made significant improvements to the property? Has it increased in value because of these improvements?
• Have recent renovations brought out its architectural beauty or added value to other potential buyers?

Timing is everything when it comes to selling a home. If you’re not getting any offers, it’s time to consider lowering your price. The “For Sale” sign in your yard will have a bigger impact on how buyers view your home than anything else — except perhaps its condition and location. If other houses on the market nearby are listed at lower prices, buyers may be deterred from considering yours.