What’s your home worth? Here’s how to

WHAT’S YOUR HOME WORTH? HERE’S HOW TO DETERMINE

Denise Matthis

Selling your home is a big decision and may be a tedious task. If this is your first time selling a home, you may be wondering where to start from. However, one of the best ways to start is to know how much your home is worth. You don’t want to sell your home below the normal price; that can be a nightmare. You also don’t want to overprice your home, which can discourage potential buyers. Thus, it is crucial to know precisely the value of your home. The question now is, how can you know this? The following tips can help:

USE ONLINE VALUATION TOOLS

Imagine having a robot to calculate the value of your home for you without stress. That is simply what online valuation tools seem like. With online valuation tools, you just have to provide certain information about your home, coupled with other information obtained from public records. Among the information you’ll be required to provide are, type of home, the year the house was built, square footage of the home, number of rooms, bedrooms, and bathrooms, number of parking lots, plus heating and cooling systems. After providing this necessary information, the calculator will automatically provide you with the estimated value of your home. This is something you can do from the convenience of your home without seeking the assistance of an expert.

HIRE A PROFESSIONAL APPRAISER

Another reliable method of determining the worth of your home is to hire a professional appraiser. They’ll get the job done for you without getting you stressed. An appraiser will consider certain factors, and in the end, they’ll provide you with the estimated value of your home. Among the factors, they’ll consider the location of your property. The value of properties differs based on location. For instance, if you have two homes of the same structure, quality, and design at different locations — one in a rural area and the other in an urban area, their value will differ. The one in the rural area will be cheaper than the other in the urban area even though they’re of the same structure, quality, and design. Thus, a professional appraisal will consider the location when determining the value of a home. They also do comparative properties. They’ll consider other properties that are being sold in the same locality and find out their price. That way, they’ll have a hint about the worth of your how property in the same locality. They will also consider the characteristics of the house, including the land size and the age of the building.

USE THE FHFA HOUSE PRICE INDEX CALCULATOR

This is another tool you can adopt to know your home’s worth. FHFA is an acronym for the Federal Housing Financing Agency. If you need a more scientific approach to determine the value of your home, this is the right approach to adopt. This tool can also be used to determine how your home has appreciated over time.

These are some of the simple ways to determine your home’s worth.

References

https://www.nerdwallet.com/article/mortgages/how-todetermine-home-value https://www.opendoor.com/w/guides/how-to-determine-homevalue