How Much Is My House Worth?
Written by Lee Wyatt (last updated July 20, 2022)
If you are moving into a new home, then chances are really good that you know how much your house is worth. However, if you have been living in the same home for a while chances are you have asked yourself at least once, "How much is my house worth?" There are several ways that you can go about getting this question answered. Before listing these different ways though, a small word of warning. Since there is a varying degree of accuracy between these options, you are going to need to be careful with how you use the information.
- Online. The easiest way to find out what your home is worth is to go online. When you go to such websites as Eppraisal.com, Homegain.com and Realestateabc.com (which are all free sites) you get an estimate. These estimates can vary pretty wildly. For example at one site my home was given an estimated worth of $175,458.00—$237,384.00, while at one of the others I was given a price range of between $181,630.00—$213,217.00. Not exactly what one can say is accurate, but good enough to give you a general idea. Unfortunately, you cannot usually use these types of estimates when getting a home improvement loan, and are definitely not good enough to get a mortgage loan.
- Realtor. A realtor is a good way to get a fairly accurate price range for your home. Usually these professionals are going to charge you a small fee, but often this is worth it since many banks can use a realtors' estimate when you are asking for a home improvement loan. The way that a realtor makes their professional estimate is to take the average property value, or sales records, from the surrounding area, and compare your house to similar properties. Often, they take the average of several similar properties to come up with your estimated price range. You are still going to be given a range (as in the option above), but this range is going to be much narrower.
- Appraiser. The best, and also quite frankly the most expensive option that is available to you is hiring an appraiser. An appraiser is an expert that has been trained in being able to properly price property. When a full on appraisal is going on, the appraiser comes out and inspects every inch of your house and property. The initial examination is going to take several hours, and the results can take up to a few weeks before you get them back. While this process is more time consuming, it is the most accurate available, and the results can be used for any legal purpose. If you have the time and money, then this is definitely the method you should use.
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