If you own a home, you may be considering selling or refinancing it. Before you take any steps in this regard, you need to ask "Whats my home worth?"
What's My Home Worth
Figuring out the value of a home involves calculating a number of factors. It can get a bit overwhelming, but I will explain it below. If you prefer to let someone else do it, you can get your home worth immediately online by clicking the following link. This is the company mortgage lenders use to get reports on the value of homes. Yes, the actual report. Unlike the lead services out there, you will not be inundated by a million real estate agents trying to get your business.
For those of you that like to do the work yourself, determining what your home is worth is a multifaceted approach. On one hand, a home is worth whatever someone is willing to pay for it. If you are looking to sell or refinance, however, that is not a very good guideline.
To objectively determine what you home is worth, you need to take a large number of factors into consideration. They include:
1. What are comparable homes selling for on your block or within three blocks at this time?
2. What did comparable homes sell for six months ago?
3. What did comparable homes sell for 1 year ago?
4. How long does the average comparable home sit on the market before selling?
5. What substantial improvements have you made, are there comparable homes that have done the same and how was their sales price impacted?
6. Are there any foreclosures in your area?
7. Is there any current or planned public works for the area such as a new freeway?
8. Is there open land near you?
9. What is the appreciation rate for your neighborhood for the last 3, 6 and 12 months?
10. Are lots of homes in your neighborhood for sale or only a few?
All of these factors contribute to the worth of your home. You want to start with the sales price of comparable homes in the last three months. Looking back a year, have prices risen or fallen on the sales - adjust your price accordingly. Next you need to determine if houses sitting on the market for longer than the previous six months which is a sign prices are or will be dropping.
As you can see, this gets technical. If you really want to know what your home is worth, just click the link.
What's My Home Worth
Figuring out the value of a home involves calculating a number of factors. It can get a bit overwhelming, but I will explain it below. If you prefer to let someone else do it, you can get your home worth immediately online by clicking the following link. This is the company mortgage lenders use to get reports on the value of homes. Yes, the actual report. Unlike the lead services out there, you will not be inundated by a million real estate agents trying to get your business.
For those of you that like to do the work yourself, determining what your home is worth is a multifaceted approach. On one hand, a home is worth whatever someone is willing to pay for it. If you are looking to sell or refinance, however, that is not a very good guideline.
To objectively determine what you home is worth, you need to take a large number of factors into consideration. They include:
1. What are comparable homes selling for on your block or within three blocks at this time?
2. What did comparable homes sell for six months ago?
3. What did comparable homes sell for 1 year ago?
4. How long does the average comparable home sit on the market before selling?
5. What substantial improvements have you made, are there comparable homes that have done the same and how was their sales price impacted?
6. Are there any foreclosures in your area?
7. Is there any current or planned public works for the area such as a new freeway?
8. Is there open land near you?
9. What is the appreciation rate for your neighborhood for the last 3, 6 and 12 months?
10. Are lots of homes in your neighborhood for sale or only a few?
All of these factors contribute to the worth of your home. You want to start with the sales price of comparable homes in the last three months. Looking back a year, have prices risen or fallen on the sales - adjust your price accordingly. Next you need to determine if houses sitting on the market for longer than the previous six months which is a sign prices are or will be dropping.
As you can see, this gets technical. If you really want to know what your home is worth, just click the link.
