What Is My Home Worth? A Guide to Finding the Value of Your House
Whether you are considering selling your home, want to refinance to take advantage of lower interest rates, or want to know how much equity has accrued in order to borrow against it for renovation or for personal expenses beyond the home, it can help to know market trends.
Even more important than knowing market trends and what other homes sold for is obtaining an accurate valuation of your own home. Be advised that the process of getting a home valuation is complex and includes a lot of details that combine to play a role in determining how much your home is worth.
There are a handful of ways to get a home valuation estimate. This FAQ sheet and our expert, Desiree Carroll, a top agent who sells 14% quicker than the average Bethlehem, Pennsylvania agent, will guide you through the ups and downs of acquiring an accurate home value estimate and explain what makes property values fluctuate. We’ll also give it to you straight about online valuation tools.
1. How can I estimate the value of my home?
There’s more than one way to determine the value of your home. Some of the best and easiest include:
Use an online valuation tool, such as HomeLight’s Home Value Estimator (HVE), or Automated Valuation Model (AVM)
Talk to an experienced real estate agent
Request a professional appraisal
Check public records
Your choice will be contingent on your reasons for wanting a home valuation.
If you just want a rough estimate for your own personal knowledge, using an online valuation tool to get a free home appraisal should suffice. However, if your goals include refinance or sale, home valuation tools typically don’t have enough data to provide an accurate valuation.
If you’re considering accessing your home’s equity in a home equity line of credit or a cash-out refinance, your lender will typically require a third-party appraisal, which can cost several hundred dollars or more.
If you’re considering selling your home, consulting a real estate agent is an affordable choice because most real estate agents will provide a comparative market analysis (CMA) as part of their services.
