Photo by shapeshift How can you figure out your home’s true market value? Well, the key word there is “true.” First you have to figure out your home’s basic market value. And then you have to factor in some additional parameters that we’ll discuss.

Your home’s value should be in line with what similar homes in the neighborhood are selling for. Real estate transfer prices are a matter of public record, so it’s not too difficult to find that out.

First, you need to identify comparable homes in your area that sold recently-write down their addresses. Next, visit your county auditor’s website. Most of them are offer property search features that let you enter the addresses (one at a time). The information available there should include the current owners, the house’s size, composition, and the size of the lot. You will also see how many bedrooms and bathrooms, the type of heating or plumbing, and other information-including what it last sold for.

Keep a list of these homes’ features and selling prices, and then you can begin to compare them to your own property. Some items that affect real property market value will be the same for all neighborhood homes, such as school district or proximity to public transportation. Most of the homes in a neighborhood should be around the same age.

But there are some differences you can look at. Is your home in better or worse condition than the others? If you live on a corner lot or in a cul-de-sac, your property’s value will be higher than a place in the middle of the block. If you have a magnificent view, expect to ask more. What have you updated inside your home? Does your property sit on a level lot?

If you’re ready to list your home, then ask a real estate agent to visit and estimate your home’s market value. If the agent’s valuation differs greatly from yours, figure out why that is. If you don’t feel comfortable chatting about this, then find another agent!

Make certain you and your real estate agent are on the same page. If you live in a slab home, for example, be certain that ads describe it as “one-level plan” or “basementless home.” You and the agent should agree on how to advertise your place.

How about those additional factors we talked about? This is what you need to look at:

 Has it taken long for homes in the neighborhood to sell? If the market in your area is moving slowly, price your home downward.

 How are people feeling about the economy right now? Visit Consumer Confidence; if you see a downswing in confidence, mark your home down.

 What are local interest rates like? After the hit taken by the housing and financial market in the last couple years, you’ll have to take the pulse of your local bank. Some places are moving forward faster than others. If interest rates are really low, banks will screen someone more carefully to get a mortgage. Your price should be low. When interest rates go up, your price can go up.

 Check the unemployment rate in your area. If it’s higher than the national or state average, then mark your home down.

 Some of this information might seem depressing, but you’re really using it to put your house on the market for a quick, successful sale. There are certain steps you can take to attract more prospective buyers-spruce up your curb, take care of the honey-do list, and get rid of junk that’s distracting to people doing walkthroughs.

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