How Can I Determine the Market Value of My House?
The market value for your house is based on recent sales in your neighborhood of homes that are comparable in size, style, age, amenities and condition. Knowing how much it's worth may help you, especially if you're planning to refinance, remodel or sell your house. You may want to use the equity in your home to consolidate debts, pay tuition, take a vacation or trade down to a smaller property.
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Instructions
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Analyze the selling prices for homes that have sold in your area during the past few months, by using sales data from settled transactions. You can find this information online using such resources as Zillow and Trulia.
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Contact your assessment office. Your property taxes are based on the value of your home. The tax assessor will provide you with the value being used to assess your home.
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Speak with a real estate agent for professional insight.
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Get an appraisal. An appraiser can perform a full inspection of your home, which will require a physical walk-through. Another option is a drive-by appraisal. This type of appraisal is limited to comparable sales data and the appraiser would not need to enter your home.
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Tips & Warnings
Avoid making home improvements that will exceed the value of your house.
Your property taxes may increase or decrease as the value of your home changes.
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References
- Photo Credit home 3 image by Stacey Lynn Payne from Fotolia.com
