What is my House Worth?
When it comes to buying or selling real estate, the most important question on your mind is likely to be: what is my house worth? Knowing the value of the property you’re looking to purchase or the property you’re selling plays a large role in moving a successful sale through. When it comes to estimating the value of your home, there are a few key things to keep in mind.
Online Home Value Calculators
The simplest way to start understanding your home’s value is to use one of the online home value calculators available. Sites like Zillow and Realtor.com offer an estimated value of your property based on several factors such as the sale prices of nearby homes, square footage and other data like regional and local sales data. Although these calculators can be helpful in quickly getting a rough estimate of your home’s worth, they’re not a substitute for the opinion of a professional real estate appraiser.
Comparing Comps
Comparing your home to other similar properties in your area, also known as “comps” or “comparable sales”, is an effective and fairly simple way to assess the value of your home. When you’re asking yourself ‘what is my house worth’, looking to see how much other homes of similar size and features have sold for both currently and in the past can be a great place to start. Sites like Trulia and Redfin make the process of finding comps easier by allowing you to filter homes based on criteria like square footage and the number of bedrooms and bathrooms.
Real Estate Appraisals
No matter how thorough your online research is, there’s no substitute for having a certified real estate appraiser come to your house and give you a more detailed assessment on the property. Although real estate appraisals can cost up to a few hundred dollars, they’ll give you the most accurate estimate of your property’s worth. An appraiser will take into account the condition of the property and areas like the neighborhood and lot size that may not be taken into account when doing research online.
Knowing the value of your home is an essential part in navigating both buying and selling real estate. Utilizing resources like home value calculators, comparing your property to similar homes in the area and paying for a real estate appraisal are all great ways to give you an idea of your home’s approximate worth. Understanding the value of your property is the first step in navigating a successful real estate transaction.