Knowing how much your home is worth is not as difficult as you might think. In this article, we’ll help you figure out different ways to do so.
Read on to learn more.
Pay Attention to Surrounding Properties
In order to get a rough idea what your home is worth, you can start by looking into the prices of homes similar to yours.
Take a look at real estate listings in your neighborhood or similar ones, and compare homes that resemble yours.
Keep in mind this is only a rough estimate and depending on the amenities and condition, your home might be worth more or less.
Use Online Tools to Evaluate
Since knowing how much their house is worth is almost every homeowner’s concern, there are many online tools they can use.
These tools, also called automated valuation model (AVM), can be found on many real estate or lender websites.
In order to provide you with a more accurate estimate, AVMs use tax assessments, property transfers, and mathematical models.
As accurate as these tools promise to be, this is still only an estimate.
Get the Opinion of a Broker
If you want an expert opinion, you should ask a real estate agent for their opinion.
Although a broker won’t provide you with a detailed appraisal like an expert would, they are experts in the field. Remember, they work in the field and are used to selling homes in similar pricepoints to yours.
They might be able to recommend other ways to appraise your home, such as using a Competitive Market Analysis.
Hire a Professional Appraiser
If you want a detailed and accurate estimate of how much your home is worth, then you should hire a professional appraiser. An appraiser will use at least three tools to get an accurate price on your home.
They take a look at the current market including the region, city, and neighborhood. Your property will be put under a microscope to show improvements, damage, and condition of the stricture.
And finally, the appraiser will have to look at other properties and determine sales, vacancies, depreciation, and inventory.
In the end, all of the collected information will be put together to give you a final number.
If you don’t trust most mortgage AVMs, you can resort to the Appraisal Institute for support and find appraisal resources for your home appraisal.
You can also take a look at the Canada Mortgage and Housing Corporation for more information and guides.
What’s my Home Worth: Figure it Out Today
Figuring out the how much your home is worth is not as difficult as you think. There are many tools available to help you get an accurate number.
If you’re wondering “what’s my home worth,” click here for a free home evaluation.
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