How do I find the value of my property?
When deciding if you’re ready to sell, one question tends to come up more than any other: How much is my home worth? From understanding how your home has changed since you bought it to doing a comparative market analysis, knowing how much your home is worth will help you set the right price—and get the right buyer.
If you’re considering selling your home, you have to take into account many variables such as the time of year, method of selling and other parts of the house selling equation. National Association of Realtors (NAR) says prices generally experience the biggest gains in the summertime.
However, how do you know how much your property is worth? Where do you price the home in hopes of getting the very best price? Should you price the house lower than everybody else in the hope it will sell quickly and maybe even spark a bidding war? Or should you price it high with the concept that you’ll always have the ability to drop the cost if nobody bites? Eventually purchasers, not you, will decide your house’s value.
Determining the value of your house is not an exact science. Even professional appraisers will often disagree on what a home is worth. In the end, everything comes down to how much somebody is prepared to pay for a house.
Automated evaluation systems determine property values based on the current sales of similar homes based upon the variety of rooms, restrooms, and size of a residence. They can’t take into account the home’s condition, what the landscaping looks like, how the property is purchased (foreclosure, short sale, or cash sale) and other fluctuating information that is part of the home valuation process.
We advise you to employ the services of an experienced real estate agent or broker to get a more accurate valuation of your property. For a fast evaluation of what you can get for your home, get an edge by using free tools online that will give you an estimate of what your home may be worth.
Zillow may not be the most accurate of online home valuation tools but tops the list due to it’s brand recognition and ease of use. Zillow makes it easy to claim your own listing within the site as well.
Zillow utilizes a solid app which you can view properties whether for sale or rent. The site navigation on their website (and app) is straightforward for any person to use. Individuals are able to view home valuations for a whole community, discovering at a glance how their house measures up to the neighbors’. Even if the houses are usually not posted on the market. If you’re looking to purchase this is also a great approach to discover what’s available in a particular community and precisely how the values match up with each other.
With any algorithmic valuation tool, the market estimate of houses can be off and Zillow is no different in this case. It does a nice job but was off dramatically on 3 of the 10 searches we completed. One home came in at about 12% lower than the actual market value based on our own knowledge of the property in question.
Redfin involves individuals to sign up for their site prior to receiving an assessment on any property. As soon as you have signed up you will acquire an estimate market value on your home. You can also search for houses for sell, use their several web-based tools and search for real estate agents.
Redfin is a popular alternative to Zillow which has a variety of it’s own online tools for real estate research. Redfin does utilize a network of its own real estate agents (similar to Zillow). However, with them you have the option to list through the site immediately without needing having to find your own agent or broker. Redfin provides discounted commissions for homeowners listing with within their network of agents.
Redfin estimates seem to be more indicative of actual “real world” values since they operate as their own real estate brokerage which allows them to use MLS data. Redfin’s unique business model centers around providing the best home buying and selling services at a reduced cost to sellers. Redfin Refund was established to give back part of the commissions to the homeowners who use their services.
Realtor.com provides you with property values, listings of properties for sale and rent and assistance finding a realtor. You can calculate mortgage payments with the mortgage calculator and decide what home price is more comfortable for you to pay a month. The home value estimator provides you with a fair and easy to read comparable report.
This site may sound like it would be full of agent ads and realtors clambering for your commission, but it’s actually a great resource for checking the amenities of your home and comparing to other houses which are inline with yours.
One neat feature of the site is the ability to view homes in the same price range. There’s a slider for viewing the typical “other homes in this area” group, but there’s also one that takes your home’s estimated value and shows you others in the area at the same price point. This way, you can really compare apples to apples.
Trulia is another popular real estate website you can use for just about anything. You can find homes to purchase or rent. It has a mortgage calculator to help you figure out how much mortgage you can afford. You can also use the mortgage section to determine if renting is better than buying in your current situation. To find out how much your home is worth, you need to type in your email address, fill in your address and Trulia will give you a customized estimate. The site is very well put together and easy to navigate.
Trulia does have an abundance of helpful information homeowners would gladly like to have as they determine their area and home market values. With that said, the site itself can be a bit cumbersome to use for some as we even had difficulty finding out values of certain properties. However, it did offer a number of other features we found helpful.
The site has a nice Affordability calculator, which was much more helpful than the standard “mortgage estimator” most sites offer. It included not only mortgage principal and interest, but also HOA fees, homeowner’s insurance, and property taxes.
Eppraisal, in addition to home values, provides demographic data about the neighborhood, including education, finance, and employment statistics. They also include home values from other sites to use as a comparison (such as those on Zillow).
This site has much to offer in regards to pure data but it’s main downfall are the lower than expected home estimations for the properties we researched. These estimates were far lower than even Zillow. Eppraisal’s numbers were coming in about 10% – 12% lower than most of the online valuation tools.
Eppraisal’s property valuation estimator is pretty basic. Type in your home address and they provide estimates based on their neighborhood aggregate system. The site has an interactive interface complete with home listings and useful information on real estate in general.
RE/MAX is another good source for home values and information, as well as connecting you with a broker if needed. It also provides you with neighborhood schools (in addition to their ratings), nearby homes for sale, and area demographics.
The RE/MAX home estimate is a very useful tool which gives good insight into how the schools are in any given area. Highly beneficial for any parent with school age children.
The values were varied from search to search and some of them seemed a bit lower than expected based on out knowledge of the search area.
Our first impression of RealEstateABC was not a pleasant one. The site looks outdated with an old style html template and what appeared as spammy looking links on the homepage. However, once an address was submitted, we were impressed with the range of information provided in a simple, easy to read feedback form. Please note that the home valuations are actually from Zillow (Zestimates).
No personal information is required as you get a free home value estimate and sales comparable instantly. Unlike most other sites in this list, RealEstateABC does not collect leads; their homepage states that you will not receive contact from anyone from the site. There is a lot of useful information available to you. You can find other home values, homes for sale, a mortgage calculator, articles on the real estate industry, recommendations on agents and a whole lot more.
This website definitely isn’t one of the nicer ones in regards to aesthetics but does provide relevant information of which homeowners would deem informative. This may not be one of the more well known home estimate websites but it does provide value.
What website gives the most accurate home value?
As complex as these online automated algorithmic programs get, nothing beats local market knowledge of a real estate appraiser.
We can approximate the value of your house by comparing recent sales of similar properties in your neighborhood. However, there is no easy way to really know the details of the sale, such as the internal conditions of the property or they type of transaction that took place.
For example, a house might go for less if it is found the walls contain sheetrock damage, or if there has been a water leak and the master bathroom needs to be redone. Even so, comparable sales are the best indicator we have to measure supply and demand. Unlike retail sales, the listing price on a house is never final; a negotiation is always expected.
If you are selling your house, always leave room for negotiation. Tell your agent to list your property higher than what you expect to get but within reason. Do not overprice your home out of the market. If you are a home buyer, keep in mind to never pay full price. Unless you are making an offer on discounted property, you can expect to get a few thousand dollars off the listing price if you ask for it.
If you would like to know how much we can offer for your house in cash, fill out the form below and we will get in touch with you. Although we can’t guarantee to buy your house for full price, we can help you sell your house fast.