When it comes to trying to figure out what your home is worth, there are numerous ways to calculate the end number. All the way from online calculator tools and appraisals to market analyses, each way will help you determine your home’s worth.
We have five easy ways to help you figure out your home’s value that don’t take a lot of know how.
Just as any other aspect of real estate, there are numerous factors that influence the value of your home and each need to be taken into consideration before you are able to land on a final listing price.
A home with an average amount of square footage that boasts typical amenities is going to be worth a lot more in many neighborhoods within New York, such as Manhattan than it would be in a suburban community outside of the city. Location and the conditions within the location weigh heavily on a home’s value.
When you are considering your home, it is suggested you find a professional and local real estate agent to help you navigate these topics. They can help you come to a value that will make you feel confident.
However, when you want to do your own research and be in the know, which is also highly suggested, here are five easy tips to help you determine what your home is worth.
- Use Zillow Zestimate
As of recent, there are many tools online that help homeowners navigate the world of real estate, including assisting in home value questions. Zillow Zestimates is one of the most popular online tools for determining a home’s value.
Zillow’s program analyzes local data from a number of different sources to determine value. From public information to information submitted by local users, the formula takes a look at size, location, local market conditions, amenities and special features to calculate your home’s worth.
- Use Trulia Estimate
Trulia is another recent online home tool that users are flocking to. Trulia has a popular home estimate feature and uses a very similar formula as Zillow Zestimates. In addition to helping with a home’s estimated value, Trulia offers reports on the homes that people are interested in.
Estimates that Trulia provides are constantly being updated and monitored. They compare their estimates to the final sales prices of those homes as well to stay on top of their accuracy.
- Use Realtor.com
With all the popular online housing tools, Realtor.com is another popular site that offers a home value estimator tool. Here you can enter your address into their search feature and receive an estimated home value. This tool also offers users a calculator that will show you how much you could profit by selling your home. Other areas that are great on this real estate web tool is their offering of local market trends and home value comparisons.
- Do Your Own Appraisal
You can take some guess work out of the whole process by hiring an appraisal to appraise your home. However, please note, an appraisal is not the same thing as market value. But an appraisal can get you close to your home’s worth.
Appraisals are performed by licensed professionals and are not negotiable amounts. The appraiser takes into consideration other homes within your neighborhood that are similar to yours and have sold recently. In addition, they will use the quality of your home, the size, neighborhood and area market conditions to come up with an appraised value of your home.
- Comparative Market Analysis
A comparative market analysis, also known as CMA, will help you determine the most reliable value of your home. The CMA uses properties that are similar to yours that have either sold recently, were listed for sale and did not sell and are currently for sale. The comparative features range from square footage all the way to the local market.
A CMA goes further into depth than the online tools we have presented. It will be the most accurate information since it is based on actual data that is available to you and your local real estate agent. Since you and your real estate agent know the area the best, the CMA is based on the most current and most accurate information.
When you really aren’t sure and the tools we have presented still leave you questioning, it is best to contact a professional within your local market. It’s important to know the value of your home for numerous reasons including a possibility of selling.