When you decide that it’s time to sell you home or you just want to get an idea of how much equity you have in it, you’ll need to check what it’s worth. Luckily, there are many resources out there to choose from which can give you relatively decent estimates of your home’s value. We’re going to take a look at what these resources are and what factors help to determine how much money your home is worth.
The major real estate websites out there all have some version of home estimators. Most are based on algorithms of what recent homes have sold for in the area. These estimators compare the listed bed and bath number of your home with others that have sold recently in your area to get their estimates. Some common sites that people utilize are Zillow and Realtor.
It’s a good idea to search a number of these sites. Simply type in your address and you’ll be given an estimated value for your home. You should take the median value of all the online search estimators that you utilize to get a fair estimate of your home’s value. Realize that these websites aren’t the same as an appraisal, they’re just meant to be a ballpark figure.
Get An Appraisal
Home appraisers are a popular way to determine just what the value of your home is. It’s important to note that the value of a home is going to be highly dependent on what method the evaluator uses for the appraisal and can say depending on who does the appraisal. To have an appraisal done, you’ll need to pay a set fee. Most of these fees run around $500 but can change based on the size of your home, property, and geographical location.
Consult With A Local Realtor
If you’re thinking of selling your home, you can enlist the assistance of a local realtor. Many agencies will have their own system that they use to create an estimate for the value of your home. This estimate usually comes free with the listing from your realtor. Realize that your real estate agent may try to list your property higher than the known value so you should take that into account when assessing the actual value of your home.
Contact A Homebuyer Service
If you’re itching to get out of your home because you took another job or simply just don’t want to live there anymore, you can benefit from contacting a home buying service. Leave The Key Homebuyers will come out to your home and do an on-sight evaluation of its value. Then, they’ll offer you money for the home and tend to close within a week. This is great for those who don’t have the time to wait for their realtor to list their home and have potential buyers visiting at all hours.
Understanding how much your home is worth can be a challenge if you don’t know how to do it correctly. While not all evaluations are going to come back with exactly the same number, the methods above should provide you with relatively similar numbers to go off of. Realize that your home’s value can change greatly over time depending on the market in your local area.