How Much Is Your House Worth? Free Tools To Asses Your Home's Value

By
Real Estate Agent

Zillow Home Values Showing Prices on a Map

If you are thinking of selling your house, you'll probably want start by doing some research to get an idea of how much your house is worth. However, the valuation of your house is not an automated fixed process as even the professional appraisers sometimes may differ on the monetary value of a home. In some rare cases it is even determined by the amount the buyer is offering.

There are numerous factors that determine the value of a house, the most important of them all being the location of the house. This is not astonishing as we all prefer living in certain places to others for very convincing reasons. One of these reasons is reducing your travel time by living at the proximity of your work place or near any good means of public transport. It is definite you don’t enjoy spending more than an hour commuting to work. If your house is located in a place that is prone to floods, it may attract a low valuation due to the high insurance risks associated with the house. The value of a house may also be determined by its size and structure. The landscaping around the house determines the value of the house greatly.

Automated appraisal systems may not be the most accurate method of valuing your home. This is because they only calculate house values based on the most current sales of similar houses with regard to the number of bedrooms, washrooms, and the size of the footage of a specific house. An automated appraisal system fails to take into account the condition of the property, type of transaction involved and other variables that can’t be tracked at all.

Trulia featured the some of the most advanced home valuation tools

 

It is recommended that you always involve a professional in real estate to evaluate the value of your property. However, you can take advantage of free tools that will give an estimated value of your house. This estimation usually doesn’t differ by much to the true worth of the house. Most of these free tools are websites that can help you value your house by feeding in some relevant data.

One of these websites is Zillow.com. This website has a tool that calculates the value of your home. It compiles an all-inclusive list of homes for sale and for rent. You can compare your home with other homes that have been sold in your area and noting the price they were sold at. This will greatly assist you to determine the worth of your home. Zillow’s “How much is my home worth” tool computes your homes estimate value based on their own algorithm. These are a completely easy to use tool as you don’t need to register. You are simply required to type your address and your home value together with relevant statistics appears in seconds.

Trulia LogoTrulia.com is another fruitful real estate website. Trulia has a great mortgage calculator which enables you to figure out how much mortgage you can afford ad the appropriateness of mortgaging instead of renting. You can use trulia's home values to learn the value of your house and afterwards find a local real estate agent that has the qualifications and track record required to get you top dollar for your property. It is important to keep in mind that trulia.com does get a comission from leads sold through their system.

Realtor.com, Redfin.com, RealEstateABC.com, Eppraisal.com, HouseValues.com and HouseFax.com among other websites have tools that are of great aid to you if you want to know the value of your home. All these websites require you to upload information about your home so as to get the estimated valuation of your home. However, for some websites like Redfin.com you need to sign up and create an account. You can also refer from your Property Tax Appraisals or County Tax Records Website so as to lower the amount of tax your property may be charged if overvalued.

Your local realtor is a great source of information.You can always ask a local realtor to help you find your house worth on the MLS. It is the joy of every agent to offer you a comparable market analysis without any charge hoping that you will later list your house with them. Some realtors are unscrupulous and may give an inflated estimation with an intention of coercing you to list your home with them.

These may be effective, quick and cheap methods of estimating the value of your house since the approximate value of your house is determined by just taking a comparison of the recent sales of a similar property in your locale. This approximation may not reflect the true worth of your house as the condition of the house is not put into consideration. The only way to get an accurate valuation of your house is by getting a professional appraisal as it puts all factors into consideration.

Comments (5)

Jane Soto

How far off is the Zestimate?

May 19, 2015 07:04 AM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

David, in my opinion a Realtor can help the Seller place a Sales Prices. Value is set by the Appraiser. Of coarse as you mention in this post condition is a factor in determining true worth. I trust the Realtor in the field and Appraiser and not website that are subscription based. 

May 19, 2015 11:38 PM
Anonymous
Rich

Insite full. I didn't know trulia had the heat map feature!


Very cool

Sep 19, 2016 05:48 AM
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