How to Estimate a Home's Current Value

How much is my house worth now??

Homeowners shake their heads over the current housing meltdown. With mortgages hard-to-get and foreclosures affecting property prices, they wonder how much their home's value has eroded. Here's a way to calculate that for some peace of mind.

Difficulty:

Moderate

Instructions

1. 

   Log onto the Office of Federal Housing Enterprise Oversight web site. It is at www.ofheo.gov. Scroll down and find the House Price Calculator.

2. 

   The advantage of this calculator is you put in the year (divided into quarters) that you bought the house. Based on averages in your state or metropolitan area, it will show the change in your home's value. It shows the estimated value now (or any date you choose in between) and also shows a graph with the changing value of the average house for that area.

3. The disclaimer on the calculator says, "When using the House Price Calculator, please note that it does not project the actual value of any particular house. Rather, it projects what a given house purchased at a point in time would be worth today if it appreciated at the average appreciation rate of all homes in the area."

4. The calculator gives you a feel for the value still in your home. There are many factors that affect the actual value of any house depending on the local real estate market. The condition and age of the house condition, any home improvements made and repairs needed, and other factors.

5. 

   To get a cross-reference, you can try other sites for getting a property's value like zillow.com, realestateabc.com and realtor.com.

Tips & Warnings

• FHEO recommends that you consult a qualified real estate appraiser in your area to obtain a professional estimate of the current value of your home.

Resources

• House Price Calculator
• Home Value Calculator (Zillow)
• Another Home Value Calculator (realestateabc)