5 Steps to Determine and Improve Your Home Value

Did you know that 5.6 million homes were sold in the United States of America in 2020? A huge part of selling a home is determining the home value so that you can list the home for a fair price on the market. There are a number of different approaches that you can take when you’re trying to estimate my home value, though some are more effective than others.

You should always look at using resources like a home value calculator online when looking to find home value. This will give you the information that you need in order to list your home at a price that is fair based on the market value of home.

The good news is that you’re in the perfect place to learn more about getting accurate home value for your home and listing it for sale on the market. Keep reading to learn more.

1. Use Online Tools for Home Value

There are many different tools that are available for free online if you’re looking to figure out your home value before selling. If you go on Google, Bing, or your favorite web browsing platform you’ll find a plethora of options for home value calculators and websites that are built around determining how much your home is worth.

A large portion of people in the United States that are looking to sell their home turn to these home value calculators that they find online as a way to get a rough estimate for what they should list the home at. There are great options that real estate websites like Zillow and Redfin offer for getting an estimate on the value of your home.

The best approach to use when you’re getting the value of your home and looking for an easy home upgrade is to go with a value estimator through a lender or a real estate professional. They’ll get a lot closer to the true value of your home and help you focus on the things that you can do to improve the value.

2. Get Comparative Market Analysis

If you want to take an even more in-depth look at the value of your home then you’ll want to get a comparative market analysis. This comes from a local real estate agent that works and operates in the area of your home. This isn’t as detailed of an option when compared to getting a professional appraisal but it is still valuable and close to the true home value.

It takes a look at your home as well as the real estate market and uses the information from both to come up with a clear estimate of your property’s value. You shouldn’t have any issues getting a local real estate to help you out with providing comparative market analysis for your property.

With that being said, they’re going to look at it as an opportunity for them to sell you on working with them to sell your home. Be prepared for them to try to convince you that they’re the perfect person to ask as your listing agent if you decide to sell your home in the future.

3. Use the FHFA Home Value Calculator

There is another great home value calculator that you should try to use when you’re wanting to estimate my home value. The FHFA home value calculator is a great alternative to going with an automated valuation model to find out the market value of the home.

The Federal Home Financing agency uses numbers and a scientific approach to help you get a clearer idea of how much your home and property are truly worth. The repeated sales method gets used when you choose to use this value calculator to get an estimate on the value of your home.

This means that the formula keeps track of the value of home each time that it gets bought or sold. These prices get used in the formula to determine the way that the housing market fluctuates over time. From there, it uses that formula on your home to give you an estimate of what your home is worth on the open market today.

4. Work With a Professional Appraiser

If you’re interested in selling your home and you want a clear idea of how much you can expect to get then the best option for you will be to find a professional appraiser to work with. More than 25 percent of homeowners in the United States of America end up hiring a professional appraiser when they decide to move forward with selling their homes.

The first major thing that a professional appraiser looks at is the housing market. This includes everything from the neighborhood that the home is located in, to the city and even the region as a whole. There are a lot of things that get evaluated when looking at the market that the home is in.

There are characteristics of the home that also get thrown into the equation as well as the land and any improvements that you’ve made to the property. They’ll also take time to compare it to other similar properties in the area. This information includes looking at recent home sales in the area, listings, and depreciation.

5. Look at Comparable Properties

You can also look at comparable properties in your area to get an idea of your home’s value. This is a strategy that more than half of the homeowners in the United States used when looking at selling their homes. If you want to get a rough estimate of the value of your home without hiring an appraiser then comparing similar properties is one of the best options available to you.

Figure Out Your Home Value Today

If you’re a homeowner and you’re looking at selling your home then it is important that you figure out your home value prior to listing it on the market. There are a number of routes that you can take, though the best options are to go through a local real estate agent to get a comparative market analysis or a professional appraisal.

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