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How To Know How Much Your Home Is Worth
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How Much Income Do I Need To Buy A Home In Toronto?
Even if you don’t plan on moving anytime soon, it’s a good idea to know the value of your home. romacoma/Shutterstock
If you want to paint a wall bright green or install a bathtub and a minibar in your bedroom, you don’t need to ask for permission. Heck, you can tear down walls in your house if you want. When you’re a homeowner, the only person you answer to is yourself.
In addition to providing a place for your family to live, your home is also an important part of your financial plan. You shouldn’t necessarily think of your primary residence as an “investment,” but the value of your home is definitely a part of your net worth.
Over time, your home should theoretically increase in value. This value doesn’t mean much if your goal is to pay off your home and live there forever, but it can be significant in the future. This is especially true if you ever end up borrowing against the value of your home. If the value of your home increases significantly, you will have a lot more leverage when it comes to taking out a home equity line of credit or HELOC.
What Could Your Home Sell For?
According to a few other financial advisors I spoke with, there are additional reasons to check the value of your home as well. One of those reasons is not so obvious, but
“Maintaining the market value and property tax assessment is important so you don’t pay tax on an artificially inflated property value by mistake, or vice versa,” says Minnesota Financial Advisor Jamie Pomeroy.
And if you plan to sell in the future, you’ll want to keep a close eye on home values anyway. Why? Because you want to strike while the iron is hot, right?
“If you’re within three years of selling your home, you’ll want to check the value and the real estate market in hopes that you can sell at an opportunistic time,” says Jose V. Sanchez, financial advisor and contributor to LifeInsuranceToolkit. .com.
Saving For A Home
Finally, knowing the value of your home can be important when it comes to estate planning and elder law care as well, notes Joseph A. Carbone, Jr., CFP Founder and Wealth Advisor of Focus Planning Group.
There are many reasons to watch your home’s value ebb and flow over the years. Fortunately, there are many websites that allow you to do this for free. Some offer this information without requiring you to enter your personal information, while others want your email and home address in exchange. If you choose a website that requires your personal details, make sure you know what you’re getting into
If you’re interested in watching your home’s value, here are websites that make this hobby easy and fun:
Zillow is one of the largest – and most popular – websites for checking the value of your home. One financial advisor I spoke to, Joseph Carbone, says the best part about Zillow is the layout of the site and how easy it is to use.
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— A Zillow-created estimate of your home’s value. In addition to finding out how much your home might be worth, you can also shop for homes in your area using the site’s consumer tools.
Trulia.com works similarly to Zillow. When you get to the site, you can enter your address and learn how much your home might be worth. Instead of offering a
Other information offered on Trulia includes the median list price for all homes in your area, along with standard details about your home – square footage, lot size and bed/bath information. If you’re planning to refinance your home, Trulia is also ready to help with its own approved pool of lenders.
Another site that has become popular among real estate agents and homeowners is Redfin. With Redfin, you can enter a few details about any property and learn about the local neighborhood, the “walkability” of a property, and how much property taxes cost each year.
What Is Your Home Worth?
“Unlike Zillow and Trulia, which are media companies, Redfin operates as an online brokerage,” says financial advisor Sanchez. “Like a broker, Redfin uses the most accurate data from the Multiple Listing Service (MLS) to calculate the current market value of your property.”
Although Realtor.com might sound like a hub for real estate professionals, this site is free for anyone to use. Just enter your address on the home page of the site and you will learn a bunch of details including a price estimate of your home.
Beyond a price estimate, you’ll learn about the local schools, average list prices in the area, and even property tax assessments. This tool is also great for learning about your neighbor’s home and how much they might be able to afford.
You will get there. What I really like about this site, though, is that it lists a ton of sales data for recent home sales in your area.
Benefits Of Selling Your House In “as Is Condition”
If a house sold on the street, you will eventually be able to find out how much the buyer paid through Real Estate ABC. Since recent sales are the best indicator of your home’s current value, this type of data can be invaluable.
Eppraisal.com works similarly to the other sites on this list, offering its own estimate of your home’s value in certain cases and Zillow.com
Beyond house prices though, Eppraisal offers details on homes sold nearby, plus current refinance rates and more. With Eppraisal.com, you can get all this data for free – and you don’t even have to enter your email address.
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While HomeGain.com is mostly home shopping, one of their widgets allows you to find the value of your own home for free. Just enter your home zip code followed by your home address to find out what your home is worth now and how values have changed over the years.
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The downside with HomeGain is that they require you to enter your email address to get “unlimited MLS data” for your area. Unfortunately, this usually means you’ll end up on a huge mailing list – whether you like it or not.
Although this might seem strange, Chase Bank has its own home equity tool offered for free online. Simply enter your home address, your state and your zip code to learn how much your home is worth.
Instead of giving an exact estimate, Chase offers a price they feel your home falls within. Since they also offer an estimate of all your neighbor’s home values, this is a fun tool to play with. Best of all, it’s free, easy to use and doesn’t require you to enter any personal data.
Real estate company RE/MAX has also jumped into the game with its own home value appraiser. While this is probably a ploy to get you to use their services when selling your home, the online tool is free and easy to use. Best of all, you don’t have to enter personal data or provide your email address to receive a free estimate of your home’s value.
How Much Is My Home Worth?
My favorite part about this tool is its colorful graphics and realistic mapping. Once you enter your address, you will be presented with a color map of your neighborhood along with all of your neighbor’s home values. Since real estate companies use MLS data to come up with valuations, this tool also tends to offer a fairly realistic estimate of most home values.
While this site was created to help the homeowner advertise and market their own homes instead of a realtor, it offers several tools that every homeowner can take advantage of as well.
Although you have to register to use their Pricing Scout tool, it’s free and easy to use. Once you register, you will receive an estimated market value of your home based on recently sold comparable properties in your area and a summary of local real estate listings. “The appraised market value of your home that you will receive from Pricing Scout is based on a multiple regression algorithm,” the site notes. “Sophisticated regression analysis is blended with our complete comparative market analysis to arrive at your home value.”
Even if you don’t plan to sell, watching the value of your home increase over time can be a lot of fun. Fortunately, these sites and others allow you to watch your home’s value grow without paying for the privilege.
How Much Is Your Home Really Worth?
You will receive if you sell. If you want “the real thing” – as in, a price that reflects every factor that goes into the sale price of a home – you should meet with at least two or three realtors to get price suggestions. A real estate agent will likely be able to offer more insight
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