The past year or so has been a roller-coaster ride on many fronts, but there is a silver lining for homeowners: house prices have risen significantly. Perhaps you are wondering if it is time to sell your home or if you should take advantage of the newfound equity in your home. When you are considering your options, an excellent place to start is by asking yourself: how much is my house worth?
To help you with this calculation, we’ve put together a list of factors that can help you determine what your home is worth and give you an idea of what you can expect when selling your house. How much is my home worth What is my house worth? A great starting point for determining the value of your home is by comparing its value to similar homes that are currently on the market.
What Is the Value of My House?
Consider these three main types of valuation when getting an estimate of your home’s value:
The fair market value of your home is what it looks like to prospective buyers in relation to other homes in your neighborhood. Think about the sale price of a home similar to yours (same number of bedrooms and bathrooms, square footage, or outdoor space, for instance). When you hire a real estate agent to help you sell your house, they will start by analyzing comparable properties to see how much potential buyers are willing to pay.
While the appraised value of your home takes into account comparable sales, it differs from the fair market value. Licensed appraisers consider the location, size, and condition of your home, as well as any renovations you’ve completed when determining the appraised value. When borrowers buy a home or refinance their mortgage, mortgage lenders check the appraised value.
How To Find the Value of Your House In 5 Easy Steps?
Here are the following ways to find out the value of a house perfectly.
- Go To a Home Value Estimator and Enter Your Address
There are a number of online tools that can quickly estimate the value of your home. Online tools such as automated valuation models rely on public records and algorithms to generate an estimate of the value of a property.
There are many home value estimators out there, and each uses a different methodology so that the results may vary. Some of them include:
Zillow “Zestimate” home value estimator
- com MyHome home value estimator
- Redfin home value estimator
- Chase home value estimator
- RE/MAX home value estimator
An online home value estimator and an iBuyer company provide sellers with an idea of what their home is worth, but the information from both is frequently inaccurate. “Home value estimator” is a popular tool that shows you what your home is worth. It helps you get a better idea of what your home is worth, and then the iBuyer company offers to buy your home at what they estimate it’s worth.
- Request A Free Market Analysis from Your Real Estate Agent
Most real estate agents offer free, comparative market analyses (CMAs) in order to win your business if you’re selling your house. During the CMA, the agent pulls data about recent sales of comparable properties in the area. Their estimates are based on their knowledge of the neighborhood and any special features of your property. Similarly, a buyer’s agent can assist you in making an offer on any home.
Robert Krasow, an agent with Michael Saunders & Company in Sarasota, Florida, says a good agent will have the tools necessary to find an accurate market value. A professional follows the market, observes home conditions, and understands the neighborhood – all while using both data and their expertise to make determinations.”
