![]() Keep in mind, however, that no two properties are exactly the same. Otherwise known as “comps,” this option involves researching recent sales prices of comparable homes in your area to estimate how much your home may be worth.įor example, it is safe to assume that two homes in the same location with similar square footage, bedrooms, bathrooms, and other features would sell for approximately the same price. Evaluate Comparable PropertiesĪfter using online valuation tools, another common way to calculate the value of your home is to do your research and evaluate comparable properties. ![]() Because these resources may not always be 100% accurate, they are only one piece of the puzzle if you’re considering selling your home.Ĭlick here to use our free online home valuation tool and discover how various factors like location, size, condition, and more will affect your property’s value. However, it is important to keep in mind that they don’t consider other factors that can affect a home’s value, such as renovations and local market conditions. ![]() These tools are fast and easy to use, giving you a general idea of how much your home may be worth. Use Online Valuation ToolsĪs you begin the selling process, one of the first things on your home appraisal checklist should be using online valuation tools. Home Appraisal Checklist: 4 Ways to Estimate Your Home’s ValueĬurious about how much your home might be worth? Discover four ways that you and your agent can estimate your home’s value before putting it on the market below. This amount is calculated by utilizing various factors, such as the appraised value and fair market value, as well as tax exemptions, home improvements, and whether you generate income from the property. The assessed value is the assigned dollar value of your home that local county tax assessors use to determine property taxes. This value is then used as a safeguard to ensure lenders don’t offer loans for more than a home is worth. To calculate the appraised value, a licensed appraiser will come to evaluate the location, size, and condition of your home, as well as any renovations you’ve completed. Appraised ValueĪn appraisal is a property valuation that’s based on recent sale prices in your area and other factors that are specific to your home. When you work with a real estate agent, they’ll look at comps to determine what buyers have been willing to pay for properties that are comparable to yours. This value takes numerous factors into account, such as location, the number of bedrooms or bathrooms, and square footage or outdoor space. The fair market value of a home is the estimated price it will sell for, considering how it compares with other properties in the area. Let’s take a closer look at three of the most common valuation types below. 3 Different Types of Home Valuationsīefore explaining the various ways to estimate your home’s value, it is important to understand the different types of home valuations that are available. This will ultimately tell you how much cash you’ll have to make a down payment on a new home. By subtracting your mortgage balance from the market value, you can gauge how much equity you have in the house. Furthermore, knowing the value of your property can also help you determine how much you can afford when you’re ready to buy. A price that’s too high could make it harder for you to sell your home, while a price that’s too low could result in you leaving money on the table. If you’re planning to sell your home, an accurate valuation will help you set a listing price that is fair and reasonable for both you and the potential buyer. Your home’s valuation matters for many reasons. ![]() We hope that this checklist can serve as a valuable resource as you start the selling process and weigh the pros and cons of each valuation. Here at The Redbud Group, our team of experts has created a home appraisal checklist to help you determine how much your home is actually worth. Knowing how to calculate the value of your home will better prepare you for the selling process, while also giving you a more accurate idea of how much home you can afford once it’s time to buy. While your home is ultimately worth whatever someone is willing to pay, many factors can affect its official valuation. Once you’ve decided to sell your home, you may be wondering how much you can expect to get from it. How Much is My Home Worth? A Home Appraisal Checklist
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