See How Much My House Is Worth – Whether you’re thinking about selling your home or looking for a new one, home value is a topic that’s bound to come up. And regardless of which side of the deal you’re on, determining how much your home is worth can be difficult without the help of real estate professionals.
However, if you follow a plan and take advantage of powerful, easy-to-use online tools, you can streamline the process in just a couple of easy steps. Then you will either successfully sell your home at a better price or not overpay for a new one.
See How Much My House Is Worth
The answer to the question “How much is my house worth?” varies depending on who you ask. The homeowner, appraiser, or tax preparer may weigh in on this topic at different times. But more often than not, your home’s value refers to the dollar amount your property is likely to sell for, otherwise known as the home’s current market value.
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Knowing the value of a property is very important for both potential sellers and buyers. Home value is closely related to your home equity and your financial freedom. Therefore, it directly affects your ability to refinance your loan or get mortgage insurance at a lower cost. It can also allow you to renovate or pay off debt through a loan or home equity line of credit.
At the same time, as is the case with most assets, the value of your home will not remain the same for many years. For example, as time goes on, the amount of buildable space becomes more limited, meaning there will be more demand for less land, leading to higher prices. On the other hand, if the market falls, prices may fall.
Other factors can also affect the appraised value of your home. In fact, there are many details to consider when determining the value of a home – including the year it was built, the condition of the building, the neighborhood and previous sales prices.
Now that we understand the importance of knowing how much your home is worth, it’s time to review some simple steps to help you determine value. Starting with a simple search “how much is my house worth?” Before exploring trusted resources for local market trends, there are many ways to begin your research.
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For example, you can use one of the many Automated Valuation Models (AMVs) available online. Alternatively, you can check out the FHFA Home Price Index Calculator for a quick estimate, request a comparative market analysis from a real estate agent, or hire an appraiser for a detailed review.
However, if you don’t want to bring in a real estate professional just yet, there is one method that strikes the perfect balance between the easy-to-use feel of AMV and hiring an appraiser to provide you with invaluable information, and that’s evaluating comparable properties.
Although it may sound simple, evaluating comps is not always a straightforward process. After all, just because a house sells down the street doesn’t automatically mean yours will sell for the same price. Factors such as square footage, number of bedrooms, and year built play a role in determining how much your home is worth. Therefore, you will need at least three similar properties to get a good idea of what your home’s true value is.
One easy way to compare properties is to use the Comps tool. This powerful and easy-to-use tool, based on actual sales data rather than asking prices, lets you see what the market is offering, not what sellers want. As a result, it allows you to compare apples to apples, evaluating homes similar to yours in terms of size, year built, zoning, neighborhood, tax bracket, and so on.
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Then, once you’ve identified comparable properties, you’ll need to make an adjustment for the differences between your home and the companies. To do this, look at the lowest and highest prices. The current value of your home should be roughly in the middle of these numbers.
Get started by signing in to your free or paid account. Then go to the “Comparables” section and select the type of asset you’re interested in—like condo, co-op, land, or building—and enter an address to instantly get market statistics and real estate valuations based on recent sales.
Experiment with a wide range of filters to further refine your search. For example, you can narrow your search by adding building class, tax class, square footage, zoning, or anything else you think is important to see the real market value of your home.
The Comps tool provides important data to both home buyers and real estate professionals. In particular, its easy-to-use interface allows you to estimate the value of a home by comparing it with the actual sale price of other similar properties. You can even try the Comps tool for free. So you can run one limited comp that displays three comparable properties to see how the filters can help you refine your research and determine your home’s current market value.
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With a taste for learning, Roxanne joined to expand her real estate knowledge. Loves to read and travel, when she’s not sitting at her desk engrossed in one of her books, she’s probably packing a backpack for a new adventure. If you’re looking to sell your home or just want to be aware of its value, here are some tips to help you determine how much your home might be worth.
It’s no secret that the housing market has ebbed and flowed over the past decade, and the value of your home may have fluctuated along with it. Changes in home value are due to many uncontrollable factors, such as the economy or geographic area. But there are aspects you can control, such as home maintenance and upgrades. Wondering if the value of your home has skyrocketed or fallen? Here are some ways to find out the value of your home.
Free websites, including Realtor.com, Zillow.com and Redfin.com, offer quick estimates of home values based on an analysis of publicly available information such as tax records. In states where it’s legal, these sites list the latest sales prices and satellite photos of nearby homes. If you’re looking to buy a new home, these sites are a good starting point because they can be useful for displaying listings and comparing prices and features.
A tax history and appraisal report are a good starting point for anyone buying or selling a home, but it’s still important to have a professional appraisal to assess whether the condition of any home is within the expected fair market value. These sites will give you some information, but should not price your home for sale or make an offer without a professional opinion. At worst, you will either undervalue your home or make an offer that is too high.
How Much Is My House Worth?
In the sea of online appraisal tools, you may find that websites do offer downloadable real estate reports for a fee. Be careful, because automated paid services do not promise a significant addition to buyers and sellers, despite the promises.
All computer-generated analyzes (which lack human assessment of validity and context) are based on publicly available information. They’re useful if you want to save time collecting compositions, but they don’t offer a reliably significant perspective beyond a free online evaluation. It’s still best to consult a professional if you need to confirm your findings.
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Comparative market analysis reports – or reports – prepared by real estate professionals provide a more accurate estimate of your home’s value. “Please, please, please take values from national websites with a grain of salt,” says Michelle Corsi, a licensed real estate salesperson and team leader for Steve Urobel at Howard Hanna in Rochester, New York. “That may be a good place to start, but a local agent familiar with your area will know the true value and understand current market conditions.”
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To give you a better idea of the difference in some of the numbers, she adds, “Large websites can be discounted up to 20%! Imagine leaving 20% of your profit on the table or being overpriced by 20% and having to repeatedly discount and show for several months. Most agents will give you a free, no-obligation market valuation.”
Are you ready to sell your home on your own? Set your expectations right. Learn what it will take to be successful and learn when the process might not work for you.
If you have a buyer’s agent and you’re looking to buy a home, they can help you determine if the home you want to buy is priced right in the market. They use data including relevant offers and recent sale prices for comparable properties
