This post will give you the simple steps to follow if you have a home and are asking how much is my house worth. You may want to know the value because you want to sell it or use the value to get a loan from your bank. Whatever the reason maybe you should know that to get the actual value you will need to hire a professional estate agent. For instance, if you sell the house below its worth, you will forever regret it. Also, if you place the price so high, you will not be able to sell it. So it is vital you know the right price.
I should also inform you that like you, many homeowners do not know how to get the true value of their homes. This post will give you all the facts you need to have to answer this question of how much is my house worth. Read on and educate yourself right away.
How Much Is My House Worth
Here are three steps you can use to learn about your home’s market value and to answer the question of how much is my house worth.
Step 1: You should Know What “Home Market Value” Really Means
Do you know your home’s market value? It may surprise you to learn that your home’s market value is not based on your monthly mortgage payment, your own value of its worth, and your memories of the house.
But the market value is really what the buyer will pay for your home when you put it up for sale. Also, most buyers would take the following critical look at your home, using these factors.
- Is your home close to highways, schools and shopping centers?
- Does your neighborhood have a low crime rate?, sidewalks and underground electrical lines
- Is your house attractive or ugly to look at
- How large is the home and does it have any odd layout problems?
- Is there a balance of the ratio of bathrooms to bedrooms?
- Will the buyer buy new appliances like a fridge, dishwasher and so on.
- What grade of schools are in your area? Are there many options to choose from?
You should also note that some factors that will affect your home’s market value are not under your control. For instance, if the economy is in a recession no one will pay the best price for your home.
At this stage I am sure your inquiry about how much is my house worth is being resolved. Besides, the price may also depend on the following. They are:
- If there is a high mortgage interest rate, it will stop some categories of buyers from buying a house.
- The price of your home may appreciate at a certain time in the year than at another time.
- Supply and demand affect the prices and value of a house. If there are more seller than buyers the prices of most homes will go down
- How much are people ready to pay for homes like yours in the same neighborhood.
Step 2: You can Use Free Online Tools to Estimate the Value of Your Home
Using online tools could help resolve the query of how much is my house worth. These online tools use the sales of homes in that area that are just like your home, local tax assessments, and if the value over time homes in your area are increasing or decreasing, to give an estimate of its worth.
You can search for your address on an online real estate marketplace, to get facts about your home that are public record, like the following:
- Type of home,
- And the Year you built it
- The number of rooms, bedrooms and bathrooms
- The square footage of the home
- And the square footage of the lot
- Its heating and cooling systems
- Also, the number of parking spots
- And how much you and each previous owner paid for the home.
- And the estimated market value of the home.
Note that the estimates from online apps are not accurate. And you can only know the true value by whether the home value is going up in that area or going down. Also you can compare similar home values in that area and to those in the ZIP codes or neighborhood, to the value of your home. Next, ask yourself whether the market is hot or cold.
And use all these factors to set the price of your home when your appointed estate agent visits your home to determine its price.
Step 3: Hire an Expert and to List Your Home at the Perfect Price
If you are still at a sea, and asking how much is my house worth, then hiring a professional estate agent will solve the problem. If you want to know the worth of your home before you sell it, contact an agent no matter what you find online. This agent will have more detailed facts to help you make better decisions about your home.
Also, a professional estate agent will have more information from databases of home sales in that location, you may not have access to. The agent will readily help you find the solution to how much is my house worth.
They will also use the landscaping, the condition of the house, and if you did any upgrades that may not be in the public record but which will affect the true rate of the home to fix the value.
Always keep in mind that the market value of your home does not depend on formulas on a computer. But on how much someone is actually willing to pay for your home.
Also if the price is too high no one will buy it. But if it is too low, you would lose a lot of money. To get the true value and real price, use an experienced estate agent you trust. Also, this agent will give you a free comparative market analysis.
In this article, I examined the question of how much is my house worth. And gave you 3 steps you can follow right now to determine the true value of your home. Take action immediately and know the exact price today. And make the right decision concerning your home.