Ways to Determine Your House Value

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Ways to Determine Your House Value
Knowing how much your home is worth matters even
if you are not planning to sell your house. When
you have a good idea of the value of your home,
you also have an upper hand in other processes
such as refinancing, insurance premiums, home
equity lines of credit, and annual property
taxes. All these processes are based on home
value.
Oftentimes, people only bother to find out their
house value when they want to sell their house.
There are different types of companies out there
who buy houses or who are in the business of
helping you sell your house. All of them promise
to help sell home fast. But before deciding on a
specific company to do business with.
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Ways to Determine Your House Value
Determine Your House Value Here are ways to
determine your home value Use Online Valuation
Tools There are numerous home value estimators
available online. They are usually provided by
lenders or real estate sites. They make use of
public records such as deeds of ownership, proper
transfers, and tax assessments combined with some
mathematical modelling to predict your house
value based on recent listing prices and sales in
the area. These are called automated valuation
models or AVMs. But when using these tools keep
in mind that theyre set to return a value for
just about every property despite having limited
data, and in the process, the accuracy becomes
less. Real estate professionals and lenders use
different tools to measure your house value.
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Ways to Determine Your House Value
Determine Your House Value The AVMs they used
have what is called a confidence score which
indicates how close the AVM provider deems an
estimate is to market value. A 90 percent
confidence score means the estimate is within 10
percent of market value. These AVMs are
generally more accurate than free online
valuation tools offered by real estate sites.
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Ways to Determine Your House Value
Determine Your House Value Research Like a
Professional You can conduct research on your
own by checking the price of comparable homes
sold within the past 6 months. Comparable homes
mean those that are similar to your homes size,
location, condition, and upgrades. This
information can be obtained through your local
assessors office. Some towns or cities even have
this information available online on their
websites. This can provide you a ballpark figure
of your house value. Another thing you can do
is to browse a website of MLS listings so you can
find the current sale prices of comparable houses
in your area. If you cant find enough current
sales, check listing prices but keep in mind that
they might not be realistic.
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Ways to Determine Your House Value
Determine Your House Value You have to have at
least 3 valid comparable houses to come up with a
likely range of market value for your home. Once
youve selectable comparable homes or comps,
things begin to be more complex. You will have to
adjust to accommodate the differences between
your home and the comps.
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Ways to Determine Your House Value
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