How Much Is My Home Worth? How to Determine a Realistic Asking Price

Bob Wiltse, REALTOR®

June 20, 2025

If you're thinking about selling your home, one of the first questions that comes to mind is probably:

"How much is my home worth?"

Reviewing a CMA

It's a good question, and the answer depends on a few important factors.

What Determines Your Home's Value?

Home value is based on what a ready, willing, and able buyer would pay in today's market.

That value can be influenced by:

• Recent sales of similar homes (also called "comps")

• Location — even within the same town, some streets or neighborhoods are more desirable than others

• Size — square footage, number of bedrooms/bathrooms

• Condition and updates — modern kitchens, roofs, systems, and amenities can add value

• Lot size and usable outdoor space

• Market conditions — how many homes are for sale, how fast they're selling, and current mortgage rates

While online estimates like Zillow "Zestimates" might give you a ballpark number, they often miss the mark because they can't see your home's condition or the unique features that make it stand out.

What's the Best Way to Determine a Realistic Asking Price?

The most reliable method is to get a Comparative Market Analysis (CMA) from a local real estate professional.

A CMA compares your home to recently sold properties similar in size, style, condition, and location. It also considers homes currently on the market and those that didn't sell (expired listings). The goal is to understand what buyers pay for homes like yours and how your home fits into the current landscape.

I use AI-powered searches, MLS data, and my boots-on-the-ground local knowledge to uncover what your home is truly worth in today's market.

A well-prepared CMA will:

• Show a range of value, not just a single number

• Include details on how adjustments are made (for features like garages, finished basements, or updated kitchens)

• Help you set a price that's competitive but realistic

This process differs from a formal appraisal, which is done by a licensed appraiser and is often required by lenders during the mortgage process. A CMA is more flexible and focused on real-time market conditions.

In Summary

If you're preparing to sell your home, the best way to understand its current market value is to look at comparable sales, evaluate the condition and features of your property, and review local market trends. A good CMA puts all that information into context so you can make an informed decision about pricing.

If you'd like help putting one together, I'd happily walk you through the process.