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Ways to Determine Your House Value

Knowing how much your home is worth matters even if you are not planning to sell your house. When you have a good idea of the value of your home, you also have an upper hand in other processes such as refinancing, insurance premiums, home equity lines of credit, and annual property taxes.

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Ways to Determine Your House Value

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  1. Ways to Determine Your House Value Knowing how much your home is worth matters even if you are not planning to sell your house. When you have a good idea of the value of your home, you also have an upper hand in other processes such as refinancing, insurance premiums, home equity lines of credit, and annual property taxes. All these processes are based on home value. Oftentimes, people only bother to find out their house value when they want to sell their house. There are different types of companies out there who buy houses or who are in the business of helping you sell your house. All of them promise to help sell home fast. But before deciding on a specific company to do business with.

  2. Ways to Determine Your House Value Determine Your House Value: Here are ways to determine your home value: Use Online Valuation Tools: There are numerous home value estimators available online. They are usually provided by lenders or real estate sites. They make use of public records such as deeds of ownership, proper transfers, and tax assessments combined with some mathematical modelling to predict your house value based on recent listing prices and sales in the area. These are called automated valuation models or AVMs. But when using these tools keep in mind that they’re set to return a value for just about every property despite having limited data, and in the process, the accuracy becomes less. Real estate professionals and lenders use different tools to measure your house value.

  3. Ways to Determine Your House Value Determine Your House Value: The AVMs they used have what is called a confidence score which indicates how close the AVM provider deems an estimate is to market value. A 90 percent confidence score means the estimate is within 10 percent of market value. These AVMs are generally more accurate than free online valuation tools offered by real estate sites.

  4. Ways to Determine Your House Value Determine Your House Value: Research Like a Professional: You can conduct research on your own by checking the price of comparable homes sold within the past 6 months. Comparable homes mean those that are similar to your home’s size, location, condition, and upgrades. This information can be obtained through your local assessor’s office. Some towns or cities even have this information available online on their websites. This can provide you a ballpark figure of your house value. Another thing you can do is to browse a website of MLS listings so you can find the current sale prices of comparable houses in your area. If you can’t find enough current sales, check listing prices but keep in mind that they might not be realistic.

  5. Ways to Determine Your House Value Determine Your House Value: You have to have at least 3 valid comparable houses to come up with a likely range of market value for your home. Once you’ve selectable comparable homes or “comps”, things begin to be more complex. You will have to adjust to accommodate the differences between your home and the comps.

  6. Ways to Determine Your House Value Thank You

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