4 Ways To Find Out What Your House Is Worth

Every day, we get phone calls, text messages, or web inquiries from homeowners asking the estimate of their home. Home prices have risen extensively. You may ought to take advantage of the rise in value and sell your home. Homeowners are curious to know the estimated value of their home in today’s market or if they’d sell today, how much would they get? 

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To get an estimate for your home, there are 3 main types of Valuation:

It is an estimate of the property in comparison to similar properties. Municipalities and counties employ an assessor to value property so they can appropriately assign property taxes to it.

  • Fair market value
    • Fair market value is the value of property as determined by the marketplace (or objective purchasers) rather than as determined by a subjective individual.
    • This valuation is what your home resembles to potential buyers compared to homes nearby. You should consider the price of the home sold similar to yours (same number of beds and baths, square footage, floor plan). 
    • In the event that you work with a realtor to assist you with selling your home, your representative will look at the comps to check what buyers have been willing to pay for a property comparable to yours.
  • Appraised Value
    • Appraised value is different from fair market value. Home’s appraised value is determined by a state-licensed real estate professional known as an appraiser. It is a property valuation that’s determined based on recent sale prices of properties in your area and other deciding factors. Consider the location, size and condition of your home, and any renovations you’ve completed. 
  • Assessed Value
    • Assessed value is a property’s determined valuation to calculate the appropriate tax rates. An assessment considers sales of similar homes, as well as home inspection findings, in its final determinations.
    • It is an estimate of the property in comparison to similar properties. Municipalities and counties employ an assessor to value property so they can appropriately assign property taxes to it.

Now that you know the three types of valuations, here are the ways to find out what your house is worth.

  1. Automated Home Valuation

In this generation, it’s too easy for us to avail lots of online tools that offer fast home value estimates. They are automated valuation models that use algorithms, or  statistical modeling techniques and software to value properties.

These tools are best for those sellers or buyers that are curious to know about the estimated value of your home. 

  1. Hire an Appraiser

If you are someone that wants to get the home value estimate to use the data to consult with your mortgage lender, then this option will be a fit as mortgage lenders usually avail appraisers service to get the value of a house before they’re going to approve your loan.

  1. Ask Real Estate Agents for comparative market analysis

If you are selling or considering selling a home, and want to get the most money in your pocket, you can ask a realtor for a free comparative market analysis. They will pull out data on recently sold properties comparable to yours in the area. 

  1. Companies that Buy Houses

If you are considering selling your home as-is, want to close fast and don’t have the time and money for repairs and showing, and are curious to know how much your home is worth then this option is for you. 

Oak Street Properties, a company that buys houses in Arizona, offers free valuation for your home by giving you an offer within 24 hours. 

They will pull out data of recently sold properties in the area comparable to yours. In determining how much they could offer, they consider the following factors:

  • Year Built
  • the number of bedrooms and baths
  • Lot size and square footage
  • house condition 
  • Home improvements/additions
  • Sold properties nearby

To get to know more how our home buying process works, call us at 480-637-5500

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