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What’s Your Home Worth; Calculate a Home’s Real Value

Published: 12th September 2019 17:26

 

Knowing the real value of your home is essential if you want to sell in the next foreseeable future. It also gives you an idea of how healthy your financial portfolio is and what you can do to change that. Unfortunately, sometimes, value is in the eyes of the beholder, and one buyer may place more importance on your house than the other. So, how do you determine your homes real value to avoid selling it at a loss and still get buyers coming?

1. Look into comparable properties

The simplest way to know how much your house would sell is to look at the neighboring houses. If someone sold a home that looks exactly like yours in terms of size and condition, find out how much it fetched. Look at three or four such comparable properties and their status to get a rough idea of how much yours is worth.

2. Online valuation tools

Online valuation calculators will use the information you feed them, and what is already in the public database to give you an estimated value of your home. Most details about your home, including location, size, number of bedrooms and parking spaces are a matter of public record. However, you can add a few details to get a more accurate estimate. The tools are free to use and give results quickly, but it’s only an estimate and not the actual value. You can also use an online remortgage calculator to know how much the buyer would need to buy your house.

3. FHFA house price calculator

Federal Housing Finance Agency has a house price calculator that you can use to determine your home value. It’s similar to using online tools because most of the house information is already there. Let the device know when you want to sell and how much you bought the house for so it can give you accurate results.

4. Ask a realtor

After you have an idea of how much your home might be worth, call a realtor for a comparative market analysis. Similar to an appraisal, a CMA is less detailed and cheaper. Your realtor will consider the market changes over the years, the cost of other homes and the quality of your home and the neighborhood. With this information, they can give you an accurate figure.

5. Formal appraisal

The best and most precise way to know the real value of your home is to get an appraisal. However, you should only get an assessment once you are ready to sell the house, and you have already done all the repairs and improvements. The appraiser visits your home and look at everything. They will consider the market value as well as the condition of your home.

There is a lot to consider as far as home value goes. For example, you want to look at the economy because nobody will pay good money for a house when the economy is tanking. Find out also which time of the year is best to sell a home and what improvements can add value to your home for it to fetch top dollar.

 

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