How Much is My House Worth in 2020? Best Free Estimator

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Services for Real Estate Pros with PeterMarkSEO
https://activerain.com/droplet/59TM

Are you considering selling your home, looking to see how much equity you have, or just wanting to know your home's value? It's good to know your home value in today's market and to keep tabs on it every once in a while. After all, it's your most valued asset. Who knows, you might be surprised. But what is the most reliable way to arrive at the correct value? One thing is for sure, in today's tech-savvy, instant estimates, social state of mind, quick answers from popular websites and computerized methods can steer you way off course and are the wrong way to go in establishing proper home value.

 

Having sold real estate in both Illinois, South Carolina, and Florida markets, I know the inside scoop for getting any home value in any housing market. Because house value is local, as in a mile radius or smaller in some markets, and each local housing market is unique, you need a local, experienced Realtor®, who will be able to provide you an estimated house value with about 95-99.99% accuracy. Get more than one Realtor® to give you a Comparative Market Analysis and you will get an even better picture!

 

That local Realtor® is a valuable resource when it comes to recent home sales. Furthermore, Realtors® are usually very active in their local communities. They truly have a pulse on the local market and you can get an accurate house value very quickly and at no cost. House value and house worth is in their blood you could say.

 

 
best home value analysis
 

Home Value Websites - The Wrong Way to Estimate

Here is a typical scenario for home sellers. "Honey, look, our neighbors just listed their house for $300,000. Can you believe that?" "Well, if their house listed for $300,000 and ours is bigger, our house must be worth $450,000." Over and over again, this is how many people I see the place the value of their house in the marketplace. But in a real estate transaction, as in any marketplace, it is the buyer that determines the actual property value.

 

Has the market changed? I know that when I had a property to sell for a client, and if it was not selling or getting offers, the problem was always the price. One agent I worked with, Leo Silverman, said that the first offer you get is usually the best and you should take it, and then negotiate on other things to close the sale. I was uncertain at first, but I soon learned that he was right.

 

 

When it comes to house values, a lot of homeowners, real estate investors, and sellers get it wrong. I will share with you where the confusion comes from and how to get clarity. So you can find out exactly how much is my house worth today! Keep in mind there are many factors involved when trying to find your true home value.

                 

                                                                                        home price factors                                                             

5 Factors That Determine House Value

  • Real Estate Location

  • Square Footage

  • Age and Condition

  • Amenities and Upgrades

  • Local Market Conditions

You have to consider the location, condition, age, neighborhood, current inventory of homes for sale, current buyer demand, and many more factors. The complexity of this task is why I stress that if you are at all curious about how much a certain house is valued, to get with a local Realtor®.

 

3 Main House Value Questions to Find Out How to Get Accurate Home Value Estimate

#1 How is real estate valued?

I hate to use this analogy for house values, but let's look at the iPhone. Picture buying an iPhone on eBay. Before buying it, wouldn't you look and see what other, identical iPhone's were selling for? If you go to a grocery store to buy bread, you compare which one is the best deal. This process of looking at comparable sales is how you figure out if it's a good deal, or if it's overpriced.

 

 

#2 Who is making the comparison?

Computers can calculate efficiently and consistently when it comes to massive number crunching. Take for instance an online mortgage calculator, affordability calculator, or refinance calculators. These are great tools to use with amortization tables that will be accurate down to the penny. But computers don't see the bigger picture, and they need people to find home sales data and input it into the system.

 

#3 Where is the information coming from?

 

The primary source for home sales information is county records. But county records can cause a lot of confusion because every county in America has different departments. Two of the departments that we deal with for county records are the Tax Assessor's Office as well as the Recorder’s Office or the Register of Deeds.

 

home estimate calculation
 
House Value Data Available From the County Records
 

The Register of Deeds is the group that records deeds and other such documents. These records can tell you information such as what the property is, what liens are on the property, who the owner is and how long they've been the owner when that deed was recorded. In some areas the county records and the Recorder’s Office also have sales information, but not in other areas. This is where it gets a little iffy. Some states are non-disclosure states, like Texas, where they are not required to disclose the sales price on the deed that gets recorded. In other areas it is disclosed, so they will show it.

 

So states like Tennessee, which are a disclosure state, always have a line on the deed where you're supposed to put in the sales price. There are other states that are strict non-disclosure states, like New Mexico, where there is no requirement for a sales price on the deed. From my searches into local house value, I found that South Carolina, South Dakota, North Dakota, North Carolina, Rhode Island, and West Virginia do provide this data. So as you can see, certain states reveal sales prices at the Recorder’s Office level and some don't. This can be a huge hornet's nest for a properties evaluation. So how can you get reliable information? Keep reading for the answer.

 

Find Out How

 

The second source of information is the Tax Assessor's Office. Now the Tax Assessor, their job is to figure out the relative value of each property in their county so they can tax it. They tax it as a percentage of the value as long as they know what type of property it is. Say if it's a duplex, which could be commercial versus a single-family house. Since Tax Assessors are putting a tax appraisal on every single property, some look at that and say, "Oh, the tax appraisal must be a good source."

 

                                                                                                                                                                                                                                                                                      

reasons appraisal comes in low
 
House Value Appraisals Can be Off for the Following Reasons                                                                                                                                                                                          
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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Fred Griffin Tallahassee Real Estate 02/18/2018 05:03 PM
  2. John Allenbrien 07/28/2018 04:00 AM
  3. Richard Bovellent 07/28/2018 05:26 AM
  4. A Warren 10/01/2018 03:42 AM
Topic:
Home Selling
Tags:
home value
house value
home equity
real estate
estimate

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