Home value. For some, it can make or break their ability to purchase their next dream home.
This can be because a home is out of their price range, or they do not get enough money from the sale of a previous home.
An accurately assessed value of your home is important. In the United States, the median home price is $374,900. That number was $50,000 lower when the pandemic began, so people may ask how to find my home value?
Well, here are three ways to do it.
Neighbor Sales
Pay attention to how much houses in your neighborhood are selling for. Preferably, these would be houses that are not only on your block or general residential neighborhood but also be the same size and style of house.
Let’s say you and your neighbor both live on Grove St. and both have 3BDR homes. The neighbor puts their house on the market, and it sells for $400,000 within 30 days.
In that situation, it would be safe to assume that the price that your neighbor listed is a close to accurate number for how much the house is worth.
For neighbors, it is important to know what can be accurate for you and what may not be accurate. If that same house was on the market for six months, then it would be safe to say that the asking price is probably considered too high for a lot of potential buyers.
Also, a house on your block that has two more bedrooms and twice the square footage is going to demand a lot more money than your house. The same for if another house has a lot more modern renovations than yours.
Comparative Market Analysis
This basically expands on watching neighbor’s sales above. This is a study, usually done by real estate agents, that offers a deeper dive into your particular market’s value.
Real estate agents heavily evaluate nearby properties that were sold in your area. Some are features discussed above such as space, modern renovations, and bedrooms.
Other things to consider can be your specific neighborhood and how much the conditions have changed over the years, plus looking closer at each room in the house.
The only downside is, sometimes real estate agents do this in the pursuit of new business, so you may have to keep that in mind when taking their evaluation.
Appraiser
Hiring an appraiser can be the most unbiased way to determine the value of your property. This is a third party whose job it is to find home value. This appraisal can be used when seeking a mortgage from a lender, as these lenders tend to respect the opinion of a professional.
You can find more information here.
Find My Home Value
Now, you have the answers to the question of how to find my home value. Do you want even more valuable information?
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