How to Accurately Determine Your Home’s Market Value

Published On: January 27, 2025|Categories: Real Estate|

If you’re thinking about selling your home, one of the first things you’ll want to figure out is how much it’s worth. Pricing it too high can scare off potential buyers, while pricing it too low could leave money on the table. Whether you’re in Jasper, Evansville, or anywhere else in Dubois County, understanding your home’s market value is key to a successful sale.

This guide explains the following:

What market value really means
Why online estimators aren’t always reliable
How a REALTOR® helps determine pricing
What a comparative market analysis (CMA) includes
Why local market conditions matter
When to consider a professional appraisal

Here’s a closer look at each.

What Market Value Really Means

Your home’s market value is the price a buyer is willing to pay under current market conditions. It’s not based on what you originally paid, how much you’ve spent on improvements, or what you think it’s worth—it’s based on what similar homes have recently sold for in your area.

Market value depends on a combination of location, condition, size, updates, and timing. That’s why two homes on the same street can have very different values, even if they look similar.

Why Online Estimators Aren’t Always Reliable

Online home value tools can be useful for a rough idea, but they’re not very accurate. These estimates use broad data and don’t consider unique features of your property, recent renovations, or specific neighborhood trends.

A Zestimate or similar tool might give you a ballpark figure, but it shouldn’t be your only source. Many of these tools have disclaimers stating they can be off by as much as 10% or more.

For a real number you can trust, it’s better to talk to a local real estate agent who knows the market and can evaluate your home in person.

How A REALTOR® Helps Determine Pricing

Your REALTOR will use their experience, knowledge of the local market, and access to real-time data to help you figure out your home’s true value. They’ll look at recent sales of homes similar to yours in Jasper, Huntingburg, Ferdinand, and other nearby areas.

They’ll also evaluate:

The size and layout of your home
Age and condition of the property
Updates and upgrades
Lot size and outdoor features
Style and curb appeal

Pricing your home correctly from the start is one of the most important parts of the selling process. An experienced real estate agent knows how to strike the right balance to generate interest and avoid long time on the market.

What A Comparative Market Analysis (CMA) Includes

A CMA is one of the best tools your REALTOR can provide to help you determine value. It compares your home to others that are:

Currently listed
Recently sold
Pending sale
Expired (homes that didn’t sell)

Your agent will find homes with similar square footage, age, features, and location to give you a realistic price range. The goal is to see how your home stacks up against local competition and what buyers are actually paying in your area.

Many agents offer a CMA for free—just ask.

Why Local Market Conditions Matter

Market value isn’t just about your home—it’s also about the overall housing market. A seller’s market, where demand is high and supply is low, can push prices up. A buyer’s market, where supply exceeds demand, can bring prices down.

That’s why it’s important to stay up to date with trends in Dubois County and surrounding towns. Your REALTOR can help you understand whether it’s the right time to sell, and how that affects what your home is worth.

You can also check general real estate data through the Indiana state portal to get a broad sense of regional trends.

When To Consider A Professional Appraisal

In some cases, you might want to go one step further and pay for a licensed appraiser. This is often helpful if:

You’re not using a REALTOR
You’re dealing with a divorce or estate settlement
You’re refinancing your mortgage
Your home is unique and doesn’t have many comparable properties

An appraisal provides a detailed, unbiased opinion of your home’s value. Appraisers consider the same factors as a CMA, but they use standardized methods and can be especially helpful if you expect buyers to need financing—because lenders will require an appraisal, too.

FAQ About Determining Home Value

Check out these commonly asked questions about determining home value. If you don’t see your question here, please call our office and we’ll find you the answers you need.

Can I Price My Home Based On What I Paid?

Not exactly. The market determines your home’s value—not what you originally paid. Your REALTOR will help you price it based on current conditions, not past costs.

How Do Renovations Affect My Home’s Value?

Some upgrades can boost your home’s value, but not all renovations have a strong return on investment. Kitchens, bathrooms, and energy-efficient improvements tend to add the most value.

What If My Home Doesn’t Have Any Recent Comps?

If your home is unique or in a rural area, finding comps may be tricky. In that case, your REALTOR may expand the search radius or rely more on features than exact matches. You may also want to consider a professional appraisal.

Should I Get Multiple Opinions?

It’s never a bad idea to talk to more than one real estate agent. You can compare CMAs and recommendations, then choose the agent you feel best understands your goals.

How Often Should I Re-Evaluate My Home’s Value?

If you’re not actively selling, once a year is usually enough. If you’re preparing to list your home, ask your REALTOR to run a fresh CMA right before pricing it, since market conditions can change quickly.

Your home is likely your biggest asset, so it’s important to price it right when you’re getting ready to sell. An experienced REALTOR in Jasper or surrounding towns like Newburgh and Santa Claus can give you expert guidance and help you find the true market value. With the right info—and the right agent—you’ll be ready to list with confidence.

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Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.

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