How to Know What Your Home is Worth

How to Know What Your Home is Worth

Take the guesswork out of determining your home’s value. Here are three ways you can know what your home is worth.

Knowing what your home is worth is an absolute must in the home buying and selling process.

But did you know that buying or selling is not the only reason to know the value of your home. Why do you need to equip yourself with current, vital facts about your property?

There are key milestones where knowing the worth of your home is critical. From refinancing your mortgage to get a better rate, to considering whether or not to sell in a market that’s heating up, here’s how you can know what your home is worth.

How to Know What Your Home is Worth selling refinancing
Your home is often your largest physical asset, so knowing its value is crucial knowledge related to your portfolio.

Knowing what your home is worth is a vital piece of knowledge to have, regardless of whether you’re selling, refinancing, or anything in between.

How to Know What Your Home is Worth

Now that you’ve identified your need to know what your home is worth, here are some different ways that you can know the value of your home:

Use an Online Calculator

With countless home evaluation calculators available online, it can be hard to gauge which will give you the most accurate assessment of the value of your home. Think of these calculators like a snapshot: they consider factors like your home’s floor plan, square footage, historical pricing, as well as local market factors.

But the state-of-the-art kitchen you built in a remodel and immaculate backyard hideaway you’ve invested in won’t be reflected accurately with these calculators. All of your efforts and investment into your property can help increase what your home is worth, but is not a factor taken into consideration with online calculators since their assessments are more of an estimate.

Hire an Appraiser

There’s no place like home, and it’s imperative its value reflects that. Another way to know what your home is worth is through an appraisal, conducted by an independent, unbiased professional who assesses the true value of your property.

Not to be confused with a home inspection, an appraisal entails a full evaluation of your home: the property’s condition, its features and amenities, location, and similar homes in the same area. This adds up to how the appraiser determines the fair market value of your home at the time of the appraisal.

The findings of the appraisal can then be used to price your home accurately, allow prospective buyers to know how much their lender can allow them to borrow, and even be leveraged to refinance with your lender.

Partner with a Professional Real Estate Agent

Take the guesswork–and headache–out of knowing your home's value and partner with a professional real estate agent in your local area.

A real estate agent knows the ins, outs, and intricacies of your neighborhood, market, and beyond. With trusted appraisers on speed-dial and expert knowledge of home sales and property evaluations, a real estate agent is a tried-and-true partner that can help you determine what your home is worth.

How to Know What Your Home is Worth Professional real estate agent
One of an agent's best tools is looking at comparable listings in the surrounding area.

A professional real estate agent that’s worked in your market for a length of time also has a wealth of first-hand, real-time knowledge on the features–and selling prices–of homes that are in your area, allowing you to have an inside look at how your home stacks up. They are constantly keeping a pulse on not only the industry as a whole, but what’s happening in your backyard. By partnering with a real estate agent, you can rest assured that they will be equipped with a wealth of expertise that can’t be replicated online.

Plus, forging this relationship allows your real estate agent to become a trusted part of your network for when you’re ready to buy or sell–whether it’s now, or down the line.

I Know What My Home is Worth–What’s Next?

Contact Your Lender

Not ready to sell? If you’re ready to refinance, having an appraisal in hand sets you up for success. The appraisal findings are key for your lender's decision to adjust your interest rates. This, in turn, can help you achieve your financial goals through a lower mortgage payment, providing more flexibility for reinvesting back into your home, which can ultimately help increase its value in the long run.

Find the Perfect Professional Real Estate Agent

A professional real estate agent in your local market works alongside you, meeting you wherever you are in your home-buying or selling process to ensure the process is secure and seamless. Your trusted real estate agent always has your best interest top-of-mind, meaning you can rest assured that partnering with them to discover–and even highlight–the value of your home will run smoothly.

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Myron Lo
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