How Much Is My House Worth

The Best Way To Find Out How Much My Home is Worth

Over the years of homeownership, there are a variety of reasons a homeowner may need to How Much Is My House Worthknow the value of their home. Besides using this information for selling their home, there are a variety of reasons this type of analysis is required.

However, no matter what the reason for the value analysis is, the work involved to get the answer may be extensive in many cases. Analyzing the question of, “How much is my house worth?” for sale and mortgage purposes should involve more than just a basic comparison of the last few homes sold in the homeowner’s neighborhood. This vague analysis may have significant errors which will create an inaccurate indication of value.

When a homeowner’s primary goal is to “sell my house fast”, the likelihood of their getting top value in the sale is nominal. But proper value analysis is helpful in this case as well. Typical housing markets are methodical. While there are busier real estate seasons, an offer to purchase usually takes at least several weeks or months of marketing before an offer is presented to the homeowner. Even when this occurs, there is no guarantee the offer will commence in a sale.

Because of this, people whose primary goal is to find out how they can “sell my house fast”, will usually see at least a ten to fifteen percent sale price loss from this type of fast market sale tactic. The only exception to this will be if the market is extremely active with traditional non-foreclosure sales.

How much is my house worth

Refinancing, Second Mortgages, and Home Equity Lines

how much my house in worth refinanceWhen it comes to looking for a second mortgage, refinancing, selling or taking an equity line, having an approximate home value is important. In most cases coming up with accurate, comparable property sales values is a process that requires a precise evaluation.

For homeowners who are seeking expert analysis for a value to their home, the level of evaluation depends on the need. The more advanced the valuation need is, the greater the need is for precision valuation.

No matter what the reason for the valuation study is, if the purpose involves obtaining money from equity, an official appraisal will be required. However, since even appraisals are considered a professional “estimate of value”, homeowners should not consider any valuation exact. Market conditions change frequently, and this affects the value of any home.

For people who are looking to find home valuation analysis, there are four basic ways to acquire this information. These include:

In each of these approaches, a homeowner can get varying degrees of information and assessment to answer the question of, “How much is my house worth?” The more advanced the analysis is, the more accurate it tends to be.

Public Records Research

While it may seem to be a relatively easy task of using basic public sales data from town records, this is often too simplistic of a process to be accurate. Homeowners who decide to use this option before placing their home on the market for sale, this should be considered only a guide for marketing value.

If the homeowner’s main goal is to “sell my house fast”, then this can be used for a baseline valuation to use. However, it is likely that this valuation will fall short of providing the necessary data for an accurate value. It is important to ensure that the homes used in the comparative analysis have sold within the last six months.

Online Home Valuation Website

For homeowners who choose to try to answer the question of, “How much is my house worth?” through an online valuation website, it should be noted that this analysis report will usually be not much better than generalized public records. The data used in the online comparison chart can only go based on the data the online system has available to it and therefore may be considered only as a guide of value ranges.

Often valuation websites lack key information and data. One of the most significant difficulties with these types of websites is they often lack the most recent comparable data. Additionally, a website valuation is unlikely to be able to analyze neighborhoods properly.

Neighborhood location is a vital aspect of value. Because of this, there is a significant likelihood that the comparable sales found on such a website will be insufficient.

Real Estate Home Evaluation Reports

This is a valuation that is created using a real estate agent and their market data information. how much is your house worthTraditionally, a Real Estate Home Evaluation report or Real Estate Price Value Analysis report is considered the second most accurate way to get a home value analysis.

These reports are generated by real estate agents using their multiple listing data. Because real estate agents are involved in the day to day sales and purchases of homes in a town or region, they are likely to have access to key data that helps them complete a good home value analysis.

While not as accurate as an appraisal, homeowners who are looking to answer the question of, “How much is my house worth?” or how to “sell my house fast” will find this analysis helpful. This information is often much more up to date than other sources.

Homeowners will also find this a good option if they are looking to market their home for sale or have a general idea of value for compiling financial asset needs. Often these reports provide a value range which is an excellent tool for marketing a home.

In this process, a licensed real estate agent will do an in-depth study on comparable homes that have sold in the town and area where the property is located.

This analysis should include comparable homes that are:

  1. In Similar Neighborhoods
  2. Homes of Similar Age
  3. Homes of the Same Design
  4. Homes with Similar Square Footage
If a home analysis report from a real estate agent does not include this information, then it is advisable to get a second opinion from another real estate agent. These types of reports can also be beneficial for a homeowner who is looking to put their home up for sale because of other marketing data offered in these reports.

Professional Real Estate Appraisal – How Much Is My House Worth

how much is house worth appraisal

This is the most advanced home value analysis. It will be required for any second mortgage and may be required for a home equity line as well. The fee for a home appraisal varies. It should be noted that most banks and lenders that are providing second mortgage financing and home equity lines have specified appraisers they use for their loans.

This type of report can be bought by homeowners that are not looking for financing as well. This is the best type of home value analysis to the question of, “How much is my house worth?” for estate purposes, divorces, and financial asset evaluation. This includes the homeowner who is researching how to “sell my house fast” for divorces and estate purposes.

Professional appraisers have two different types of reports they offer. They have the short form appraisal and the long form appraisal. Long form appraisals are primarily used for financial institutions for the purposes of the sale of a home. However, they are also used in other legal situations where home value accuracy is essential. The short form appraisal is a less in-depth report and is typically used for financing approval of home equity lines. These reports usually cost less money than the traditional full report appraisals.

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