Things You'll Need:
- Internet
- Address to Find and Estimate Home Value Of
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Step 1
FIND THE VALUE OF NEIGHBORHOOD REAL ESTATE
To estimate home value of your own property, you should start by finding the selling price of other homes in your area. This can be done through a number of reputable sites, such as Zillow, that post the values of homes locally and internationally. You can also look to real estate companies on line to see what neighborhood homes are selling for. A quick Google search will give you access to thousands of area home listings. -
Step 2
LOOK FOR SIMILAR HOME CONDITIONS
While reviewing the prices of homes in your area, remember to keep in mind certain circumstances that will raise or lower the price of a home. For instance, a home just down the street may list for $150,000, but the value of yours may be higher or lower depending on how the two homes compare in size, condition, street position, lot size, and other factors. Look for homes that appear to be most similar to your own. -
Step 3
ADDING TO AND DEDUCTING FROM VALUE
When you have found homes that are similar to your own, it is time to start estimating home value. A simple way to get a good idea of the value is to take the average value of homes that are most similar to your own and add to or deduct from that average according to your home's special conditions.
For example, if there are similar homes in your neighborhood and the average listing price of those homes is $150,000, that is the price you would start at. From $150,000 you should deduct for your homes defeciencies or known repair needs. If your home is in need of a new furnace, assume the others are not and deduct the price of a new furnace from the value.
If your home has certain advantages over other homes in the area, such as new flooring, add the value of that flooring to the overall average you are using as your guide.
