Comparable Sales

What is the value of your home?

Is it the Assessed value that your town/city has your tax base at?
Is it the cost to replace on your insurance binder?
Is it the intrinsic value that you believe your home is worth?

The value of your home is based on what the market will pay for your home and is a snapshot in time based on what has recently sold in your area. What this means for you is that if your neighbor has the same house and just sold for $200,000 after being on the market for 6 months... chances are your house is worth $200,000, or is it? What if the neighbor had to sell to avoid foreclosure, or was going through a divorce and had to sell -- these are called distressed sales and need to be adjusted for. Our big problem right now is the VAST amount of distressed sales spread throughout our entire area and the LACK of sales. This makes it very difficult for lenders to determine a final value.

Just more information to digest in our ever changing market. Feel free to contact me via my website at: http://www.new-hampshire-home-mortgage.com