by Amar REALTOR® | June 30, 2022 5:33 am

Find out what your home is really worth

Whenever any homeowner plans to sell a home, the first question that comes to their mind is – how much is my house worth? Because Home Value keeps rising time-to-time, determining the property’s current price is important before selling it. So it’s essential to find out the present worth of the property.

So the question is, how do you find your home’s real worth?

If you’re also struggling with this question and want to know the current value of your home worth, then don’t worry. There are numerous ways to find out your home’s worth.

In this guide, we’ve covered some unique ways that help you calculate your home’s current worth and importance.

Let’s get started!

Types of Valuations

Whenever you’re estimating your Home Value, you need to consider these three types of valuation:

Fair Market Value: Fair Market value means what makes your home worth from a buyer’s perspective compared to other homes in your area. It would be best to consider your home’s price similar to other homes with the same rooms, bathrooms, and square feet. By comparing similar homes nearby, you can predict the fair market value of your home. You can also consult a professional real estate agent like Amar Realtor, who helps you sell your home at the most effective price and find a suitable buyer.
Appraised Value: Appraised value is different from fair market value. To calculate the appraised value, there are some factors to consider, such as location, size, and conditions of the home and if any renovation is completed. This way, you can find out the appraised value of your home.
Assessed Value: The estimated value is then assigned the dollar value of your home to determine property taxes. There are various factors to determine your home’s estimated value, including appraised value, fair market value, any home improvement if this property generates money, and any tax exemptions. All these factors help you to develop an assessed value of your home.

Best Ways to find out what your home is worth

We’ve handpicked some most useful and trusted ways to find your home worth. You can pick any method to calculate your home’s worth. Let’s see!

1. Enter your home details into a Home Value Estimator

Thankfully, many online Home Value Estimator tools help you quickly calculate your property’s worth based on the details you’ve filled in. These tools are AVMs (automation valuation models) that use data, algorithms, recent sales, tax assessments, and other databases that help determine your property’s worth. If you put the property’s correct details, you’ll get the most accurate estimation of home worth.

Some of the most popular property estimation tools are:

Zillow “Zestimate” Home Value Estimator
Realtor.com to estimate my Home Value Estimation
Redfin Home Value Estimator
Chase Home Value Estimator
RE/MAX Home Value Estimator

Estimating Home Value is essential when you’re planning to sell your home. And these top-rated platforms help you instant Home-Value Estimate your home’s worth based on your given details and use their algorithms to determine the actual current value of your property.

2. Ask a Real Estate Agent for Comparative Market Analysis

Real Estate Agents are one of the best-preferred choices for homeowners to find out the current worth of their property. These agents offer a free, comparative market analysis (CMA) to find your property’s current value.

When you ask a real estate agent to do CMA, the agent analyzes the recent sales data in your area and starts calculating the worth based on the neighborhood and the special elements you’ve added to your home. Based on these data, you’ll get the current value of your home.

A professional real estate agent comes with all the necessary tools to figure out your home’s current worth. So it’s a great decision to hire a professional real estate agent like Amar Realtor to determine your home’s value.

3. Check your municipal auditor’s website

Country auditors can easily assess the value of your home for property tax purposes. The best part is that all the information is available online, and if you want to evaluate your home’s worth, you can go to their website and find out your property’s current value.

4. Use FHFA House Price Index Calculator

The FHFA (Federal Housing Finance Agency’s) House Price Index (HPI) calculator is used to find the Home Value. With this tool, you can see the growing value of your home from previous to current worth as per data and rate of appreciation over a period. This tool compares your property with many homes nearby and tries to predict your home’s most accurate current value that helps you figure out and sell.

5. Hire a Professional Appraiser

When looking for a loan, you should hire a professional appraiser to confirm the home’s worth before approving a loan. With Appraiser, you can figure out the total cost of your property, including your rooms, bathrooms, garden, interior, and other enhancements in your home, and give you the best value for your home. It’s similar to CMA to find out the property’s value.

There are some essential things that Appraiser evaluates, including:

Market: The location of your home is based on region, city, and neighborhood.
Property: Based on the characteristics of your home, including improvement and land value.
Comparable properties: Also justify the price based on sales, listing, vacancies, cost, depreciation, and other similar home factors in your nearby market.

The Appraiser combined all these data, created a final value of your home, and delivered you a report.

These are the Top 5 ways to calculate your home worth in the most accurate predictions.

Why is knowing Home Value important?

Knowing your Home Value is one of the important parts that allows you to sell your property at the best current price. If you’re a homeowner and want to sell your property, it’s important to know your home’s current worth and sell it at the best price. Whenever you’re listing your property on some real estate platforms, you need first to figure out the value of your home based on location, size, square foot, and other factors, and then you can come up with a current worth of your home.

Knowing the worth of your home is not only selling the property but also useful for insurance, property taxes, and other purposes. So it’s essential to know the importance of your home’s worth, and it helps you control taxes and other assessments to save a good amount of money and lower your tax bill.

What factors can affect the Home Value?

Numerous factors can affect the Home Value, including:

The neighborhood
Home age
Condition of the property
Size of the property
Improvements in-home or upgrades

And major factors like the market, economy, interest rate, and taxes can also affect the Home Value. These are some major factors that can affect the Home Value, but it doesn’t mean only depreciating the value; the property’s worth also increases because of market prices and upgrades you’ve made in your home.

How often should I check my home’s value?

If you’re confused about when you should check your home’s value, it’s better to check once a year. It helps you for several reasons and benefits in the insurance policy and taxes management. Also, you need to know your home worth to know how much the value of the property you’ve and whether you’re qualified for any big loan or cash-out to refinance.

It’s obvious to know the value of your home when you’re selling the properties, and it helps you determine the right amount after the transaction cost and taxes.

How can I add value to my home?

If you plan to sell your property, then you can increase the value of your home before any buyer visits your house. You can make your home brand new by fresh repainting, maintaining the garden, and adding a new interior to your home to make it a more attractive and appealing property. And especially do some changes and upgrades in the kitchen & bathroom to make it more cost-effective.

Conclusion

Your home’s worth is one of the essential things you need to know, and there are many strong reasons and benefits for understanding your home’s value. That’s why we’ve covered the top 5 ways to find your home’s value in the most accurate prediction. But you should remember that there’s no guaranteed or precise prediction of your home calculator when you’re using the tools. So if you’re looking for your home’s worth in California,, you need to hire a professional real estate agent like Amar Realtor, who can help you find out the California housing market price and your home’s worth accurately. Contact Amar Realtor and Get Your Home Value Now!