Are you wondering how much your home is worth? Whether you’re preparing to sell your home or you need to know the value for property tax purposes, there are a few different ways to get an estimate before taking the next steps.
Home value can vary based on a number of factors from the current housing market to the local economy. If you’re not sure how to find out how much your home is worth, here are some options for getting a fairly accurate estimate.
Get an Estimate Online
One of the easiest ways to get an estimate of your home’s value is through an online home value calculator. However, these are not the most accurate estimates of home values. There are a few different home value estimators available online, and each may give you a slightly different value based on varying factors. Examples include Zillow, Realtor.com, and Chase. You simply enter your address and you’ll receive a home value estimate.
Go to Your County Auditor’s Website
For a more accurate estimate, your county or municipality’s auditor should have a website where you can look up your home’s value as it is used to assess your property taxes. If the information is not readily available online, contact the auditor’s office to inquire about the property tax value of your home.
Ask a Realtor or Real Estate Agent
Most Realtors and real estate agents will provide you with a free comparative market analysis in the hopes of gaining your business if you plan to sell your home. This gives you a fairly accurate estimate of your home’s value in terms of comparable homes for sale in your area. If you are planning to sell your home, this is the estimate you need to determine what your home may actually sell for in the current housing market.
Get an Official Appraisal
To get the most accurate estimate of your home’s worth, it is best to hire a professional appraiser. Before a potential buyer can purchase your home, their mortgage lender will most likely require an official appraisal. If you would like to know what your home is worth before the buyer’s appraisal, you’ll have to pay for this service out of pocket. But it can be a helpful tool in negotiations between you and the buyer.
Appraisal Value vs Foreclosure Auction Price
If a home is in foreclosure, the appraised value of the home and the auction price for the home will not be the same. The actual worth of the home is not as important to the lender. Their goal is to recoup as much of the loan balance as possible through the sale of the home at auction. The auction price will usually be calculated as the remaining balance of the loan plus some additional costs such as legal fees. Some home buyers take advantage of foreclosure homes at auctions to purchase homes at a reduced price.
Factors that Affect Home Value
The value of a home depends on a number of factors, including:
- Neighborhood/Community. Many features of a neighborhood or community will affect the value of a home, such as schools, crime rates, proximity to employment opportunities, and more.
- Size of the home. The overall size of the home in square footage will affect the value, as well as details such as number of bedrooms and bathrooms.
- Condition of the home. A home in need of repairs or cosmetic improvements will have a lower value than a home that is well kept.
- Age of the home. A newer home may have a higher value than an older home, but that is not always the case. It depends on specific features of the home and the condition as well as the age.
- Renovations and Improvements. Any renovations or improvements made to the home will increase the overall value.
Choose an Option Based on Your Needs
Choosing an option for learning your home’s value should depend on the reason for the inquiry. If you’re planning to sell your home, your best option is probably a real estate agent or a professional appraiser. If you need the tax value of your home, check with the county auditor. In order to learn your home’s value for your own information, an online estimate calculator should be sufficient. In the case of foreclosure, a law firm specializing in default mortgage services, such as Roach & Lin, P.C. can assess the value of the home in question.
Roach & Lin, P.C. is a New York law firm specializing in default mortgage servicing. For more information, contact us today to schedule a consultation.
