If you’re asking, “How much is my house worth?” do you know how to find the answer? You can easily find your home’s value with a little bit of research and some helpful online tools. Once you know, you’ll have a better idea of how much equity you have in your home, giving you a good idea of what to expect if you’re looking to sell, refinance, or buy a new home.
- Online tools can help you find your home’s market value. Home value estimators are easy to find online. Look for these helpful tools, called automated valuation models (AVM), on the websites of lenders or real estate sites like Zillow and Redfin. However, you’ll find a more accurate number if you get a real estate agent to use a professional AVM to determine your home’s value.
- Another way to calculate property value is with a comparative market analysis (CMA). A real estate agent may provide this at little to no cost, in hopes of being hired as your selling agent. The agent will search for homes in your area that are comparable to yours and have recently sold to estimate how much someone would pay for your home.
- The Federal Housing Agency has a house price index (HPI) calculator. This tool tracks a home’s fluctuating value based on information on mortgage transactions going back to the 1970s. It then provides an estimate based on how values are changing in your market. However, it isn’t adjusted seasonally or for inflation.
- A professional appraiser can give you an accurate estimate. Before you can get approved for a mortgage, your lender will require a home appraisal. However, property owners can hire a professional appraiser at any time to determine their homes’ value. About one quarter of U.S. homeowners do this to find out how much their homes are worth. To determine value, appraisers evaluate the market, the property, and comparable properties nearby. The appraiser will compile this information, determine the value, and give you a written report.
- You can look at comparable properties on your own. Just as appraisals and AVMs use “comps”, the recent sale value of comparable properties, you can look at similar properties to estimate your home’s value. However, it takes some discernment to do this accurately. Make sure the homes you’re looking at are actually comparable to your house. To look at comps, browse MLS listings to find recent sales in your area. Get at least three comps for an accurate picture of the market. When estimating your home’s value based on these comps, pay attention to things like square footage and the number of bedrooms, adding or subtracting value as necessary.
Selling your home doesn’t have to be a stressful experience, especially when you partner with a company like Vutech & Ruff. We provide outstanding service, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience selling homes Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!