Estimating a home's value isn't as simple as looking at its purchase price. A home's value is a combination of things, to include the land itself, the home, and the market in the neighborhood. Homes in different areas can have vastly different values, which means that there's no one way to any home's value.
Why Would I Need To Estimate My Home's Value?
There are many reasons a homeowner might want to know their home's value. An estimate of a home's value is necessary whenever a homeowner wants to get a new insurance plan, refinance their mortgage, take a home equity loan out, or sell their home entirely. Because housing prices are such a confusing issue, many homeowners don't even know where to start. Luckily, there are some easy ways that a homeowner can estimate their home's value.
How Can I Estimate My Home's Value?
Estimating your home's value is as simple as filling out our form. This form makes sure that you're not forgetting anything that could affect your home's value, and does all the relevant calculations for you. Using an online calculator to figure out your home's value also helps you avoid any mathematics errors that could give you the wrong picture.
How Can I Get An Accurate Report Of My Home's Value?
If you need an accurate report and not just an estimate, then you can get an assessment of your home's value. When you do this, a professional who is familiar with your area will look at your house and use their best judgment to come up with an amount. While an estimate is fine for most scenarios, you should still get a professional assessment before doing anything final such as selling your property. This is because there are certain circumstances that could change your assessment that an estimate tool cannot account for, such as special additions or a unique location.
Why Has My Home's Value Changed?
If your home's value has changed significantly since purchase, you might be wondering why. Most significant changes to a home's value will be caused by the market rather than anything to do with the home itself. The housing market goes up and down at different times, which can radically change the estimated value of a home along with purchase and selling prices. When your home's value has changed significantly upwards it's usually a good time to sell, and when it's changed significantly downwards it's usually not.