How to Determine the Appraisal Value of Your House

View recent home sales to determine a home’s worth.

Home values fluctuate based on market conditions. Homeowners are most interested in home values when selling or refinancing a home. Estimating the appraised value of the home can assist in deciding if selling is the right idea. It will also help borrowers determine if the home has enough equity to refinance. Evaluating the home’s details and comparing those details to recent home sales will provide an estimated appraisal value on a home.

Instructions

1. Write down the details of the home. A home’s value is calculated based on a variety of factors, such as number of bedrooms, bathrooms, lot size and home square footage. These details will assist in finding an accurate value for the home.

2. View recently sold homes. Online tools, such as Zillow, allow homeowners to view recent home sales in the area. The map will initially provide home values within a couple blocks. Zoom out to view more properties. Look at the home sale details. Find homes that closely match your property (similar square footage, location and other details).

3. Account for blemishes to the home. For example, a home situated on a high traffic street won’t demand the same price as a quiet cul-de-sac property. If the home needs new paint, new carpet or has other items that need repair, the value will decrease as well.

4. Request a market analysis from a real estate agent. Double-check your figures by contacting a real estate agent. The agent will visit the home, inspect the lot, house details and comparable home sales to arrive at a value. If the value is similar to your previous estimated value, you know you’re on the right track.

Tips & Warnings

• Homeowners serious about selling the home in the future should consider hiring an appraiser. An appraiser costs about $400 but will provide the most accurate value on a home. Even more importantly, a bank will require an appraisal on the home before lending funds to potential homeowners.

• Don’t sell the house in “as is” condition. Take the time to handle home repairs, clean thoroughly, shampoo carpets and make other improvements. This will boost the appraised value and attractiveness to prospective buyers.

References

• Zillow.com: Find Recent Home Sales
• National Association of Realtors: Find Realtors