What Is My Home Worth?
With schools wrapping up for the year, the summer home-selling season is in full effect. Families that are planning a move are getting in gear to find their new home and settle in before classes pick back up in the fall. Whether you’ve been considering selling your home or not, all of this movement in the real estate industry may have you wondering how much your home is worth. After all, summertime is also a prime time for home renovations and remodeling projects that some homeowners may want to use their available home equity for. But, how can you find out how much of that equity you’ve actually got? Find yourself asking “What is my home worth?” lately? Here are a few ways you can find out: 1. Consider the comps. To get a reasonable idea of how much your home is worth, start by taking a basic look around your neighborhood. Are there homes currently for sale? Have a few homes that may be similar to yours recently sold? What prices have the homes around you been listed at – or better yet – what have they sold for? By finding out what people were willing to pay for similar homes near yours, you will get a better idea what your home may be worth. 2. Evaluate all features. Of course, a brief look at similar area homes will help you gauge a range on the value of your home, but no two homes are exactly the same, right? You need to take the condition of your home into account, as well as any upgrades it may have. Similarly, you need to be realistic about your home, too. If you’ve got older appliances that may soon need to be replaced, exterior features that could use some love or any other lingering repairs, the value of your home may be less than you’d like. 3. Ask an expert. It is one thing to take a guess at your home’s worth by reviewing similar area home sales and considering your home’s features. But, it is always best to consult the experts when it comes to actual home worth. A knowledgeable, professional real estate agent will complete a comparative market analysis that also can be used to set your home price if you’re ready to sell. You also can contact a professional appraiser – this is what any lender would do before approving a mortgage or home equity loan. Finally, you can get an instant home value report with our Home Value Estimator! But, keep in mind that your result is just an estimate. In reality, a home’s true worth is confirmed only by how much a buyer is willing to pay for it! Wondering how much my home is worth? Find out now!
