Are you trying to figure out the value of your home but aren’t sure how to do it?
If you plan on selling your home soon, learning its value is of the utmost importance. The value of your home will dictate how much you can sell it for and how much a profit you’ll make.
Yet, figuring out your home worth may not be as straightforward as you think. Read this guide to learn how to find your real home worth.
1. Use an Online Valuation Tool
While an online valuation tool won’t give you the most accurate price estimate, it will give you a pretty good idea of how much your home is worth.
Online home value estimators use deeds, property transfers, and tax assessments to predict your home’s value based on area listing prices and recent sales. Just keep in mind that many online valuation tools are created for marketing and lead generation purposes.
Therefore, you’ll likely need to enter your email to get access to the estimate.
2. Make Use of the FHFA House Price Index Calculator
If you’re wary of using an online valuation tool to get an estimate of your home, we suggest checking out the Federal Housing Financing Agency’s house price index (HPI) calculator, which applies a more scientific approach to price estimation.
The FHFA has been gathering millions of mortgage transactions since the 1970s and tracking a house’s change in value from one sale to the next. However, keep in mind that this tool isn’t adjusted seasonally or for inflation.
3. Hire a Professional Appraiser
The best way to learn about the value of your home is to hire a professional appraiser. Lenders require buyers to get an appraisal in order to be approved for a mortgage.
However, property owners can also hire appraisers at any time to get an estimate on the value of their home. Appraisers can also evaluate comparable properties, the market where the home is located, and property characteristics, including recommended improvements and the land it sits on.
After getting an estimate from an appraiser, you can sell your property to a site like webuy.properties.
4. Take a Look at Comparable Properties
Another option is to take a look at comparable properties in your area by browsing a site where MLS listings are displayed. Take a look at recent sales of comparable properties in your neighborhood to get an estimate.
If there aren’t any recent sales, you can look at listing prices. However, keep in mind that listing prices aren’t always accurate. We suggest finding at least three comparable homes to get an estimate for your property.
Home Worth: Time to Research
As you can see, there are various avenues you can go down to figure out home worth. Now, you just need to decide which method works best for you.
With an understanding of how much your home is worth, you’ll be able to price it better when it’s time to sell it. Be sure to check back in with our site for more real estate news and tips!