That’s easy, it’s whatever a ready, willing, and able buyer will pay for your home or condominium today.
The two most reliably sources to engage to learn what your home is worth are an appraiser and a qualified real estate agent. If you need a value to transfer your property without an agent, let’s say within your family or, through an off-market transfer, I recommend you engage a real estate appraiser. Appraisers value properties each and every day for mortgage lenders. A qualified real estate agent should be able to provide you with a market value that is within 2% to 3% of its’ sale price.
You, as the owner, through your own investigation and research should be able to determine its’ value within 3% to 5% by researching the most recent sales of similar homes in your neighborhood. You should also visit Open Houses in your neighborhood periodically and then learn what those homes ultimately sell for. Less experienced agents will give you a market value that is generally between 3% to 5% of what it will sell for on the open market.
By far, the least reliable source for the market value of your home will be the on-line valuation sites. They rely on algorithms to select the homes it considers most comparable to your home. Unfortunately, those algorithms are incredibly inaccurate. I recently listed a condominium for sale at about $800,000. Two of the eight comparable properties used by the on-line valuation company were single-family homes 15 miles and 30 miles from the condominium and with sale prices of $165,000 and $1,400,000.