Ask Gerald: How Much is My Home Really Worth?

Q: How much is my home really worth? Amy, Washington, DC

A: Zillo, Trulia. Better than nothing, but to really find out the value of your property, you need to either get an appraisal or get a licensed Realtor with access to your local multiple listing service (MLS) to give you a comparative market analysis with recent sold price comparables. 90% of what goes into the current value of a residential property is what similar properties have sold for in the last 6 months—so the key to arriving at the most accurate estimate of your home’s current value is getting recent sold price comparables in your neighborhood and you can accomplish that by getting an appraisal or a comparative market analysis from a realtor. Good luck, Amy. I’m Gerald Lucas and I’ll see you again soon.