Many people want to know how to calculate home worth. Sometimes it’s because they’re planning on buying or selling. Sometimes, they want to know before they invest a bunch of money into a remodel. And other times, people just want to see how much the value has gone up since they moved in. There are a few ways to find your home’s current value, and the most accurate way will depend on the data you have available.
Do a Comparative Market Analysis
First, you can do what’s called a “CMA” or, “comparative market analysis.” This is the home value estimate method that most real estate professionals will use. They’ll look at recent home sales in your area and compare your home to those. This takes into account the home’s size and features, as well as things like location, updates, condition, and recent housing market trends. A comparable market analysis is a very localized assessment of your home’s value. It looks mostly at your immediate street or neighborhood area.
Real estate professionals use the CMA tools given to them by their local MLS. They used to do them on paper, using their personal knowledge of market trends to come up with a home value estimate. Now, because they can do them online on their supported browser, they get a much more accurate current value.
Use a Home Valuation Tool
Another way to calculate home worth is to use a home value estimate tool or service. These services use data from public records and other sources to give you an estimate of your home’s value. These tools are awesome because you cancalculate your home’s value without leaving your home, and without talking to anyone. It’s low-pressure, stress-free, and super easy!
Today, there are very accurate home valuation tools on the market, like the one Clark County Market Values offers. By answering a few simple questions, you can have an accurate home valuation in just minutes!
Go to Home Marketing Websites
You can also get an estimate of your home’s value by going to home marketing websites like Zillow. They provide home estimates. Be very careful though, because the Zillow home values are usually a little off, and sometimes they are way off! They assign a typical value using available data and their own algorithms. Don’t discount them though, because not a lot of people know that the estimates on there can be skewed, and people have been using the information on there to actually buy and sell homes, which affects the market a little bit. It’s best to consult a realtor once you pull the data for your home that’s listed on the website.
Get an Appraisal
One of the most accurate ways to calculate home worth is to get an appraisal. This will cost you money, but it’s one of the only reliable ways to really know what your home is worth. An appraiser will look at your home and compare it to recent home sales in your area, as well as take into account things like size, local trends, features, condition, and location.
This is one of the most reliable measures of home value because it’s what a professional is going to use when they put a price on your home if you decide to sell. Mortgage lenders use appraisers, so that’s why they’re such an accurate resource. You usually have a hard time selling your home to people who are using a mortgage to fund the purchase if the appraiser doesn’t agree with the sales price, so getting an appraiser’s opinion is like going straight to the source. And they don’t accept accommodation requests to move the value up or down just so you can buy or sell the house, by the way. Appraisers are strict about the typical value they assign.
What Is Your Home Worth?
Home worth is an important number to know for a lot of reasons. No matter the market conditions, whether it’s during a booming economy or a bust economy, people need to know how economic climate and market trends are affecting their home value. You may want to calculate it to see how much your home has gone up in value since you moved there. Or, you might want to know what your home is worth so you can price it correctly if you’re thinking about selling.
No matter the reason, there are a few ways to calculate a home’s worth, and the most accurate way will depend on the data that’s available to you. If you’re casually curious about your home value estimate, use a Zillow home value tool, and browse other websites offering insights on marketing trends. They’ll give you a typical value for your area. If you’re seriously in need of finding your true home value, start by using a home valuation tool in your supported browser, like the one offered by Clark County Market Values, and then talk with real estate professionals or get an appraisal if you’re serious about selling.