What is My Home Worth?
If you’re downsizing and thinking about a move, it is really important to find out what your current home might be worth. Finding out your home’s market value can be one of the most fun and interesting parts of the downsizing process. It is so neat to compare your past purchase price to the current market value. After finding out this information, most people will be able to congratulate themselves for making such a smart investment all those decades ago.
Before we talk about how to find out the value of your home, let’s cover WHY this is important information as you downsize. Here are some of the main reasons you might need this valuation:
Some homeowners instinctively know what their home might be worth because of watching their tax assessment or sales in their area. More commonly though, homeowners DO NOT know what their home is worth and couldn’t even give you their best guess if you asked them. So what are some ways to find out this information?
- How much money will you have available to work with in your move?
- Does it make financial sense to sell your house? Or would it be better to stay and make your house work for your needs?
- What taxes (capitol gains) and other fees/commissions might you pay at the time of the sale?
- What financing options are available for your next purchase? Will you need a loan or do you have enough equity to cover that purchase?
- Are there updates you should make to increase the value of your home?
Some homeowners instinctively know what their home might be worth because of watching their tax assessment or sales in their area. More commonly though, homeowners DO NOT know what their home is worth and couldn’t even give you their best guess if you asked them. So what are some ways to find out this information?Ask a REALTOR® for a free home valuation
Most real estate agents will be happy to help you figure out the value of your home. And many agents, including Jess Lex Homes, will provide this service for free. You will have to answer some basic questions about your home and give information about any updates you’ve done. A walkthrough of your home may be required to get you the most accurate valuation. The agent will then look at recent sales in your area to figure out what your home might be worth from the perspective of a buyer.
Hire an appraiser
A real estate appraiser is a professional who assigned value to property for a living. They put valuations together by looking at comparable sold properties, just like a real estate agent does, and provide you with a multi-page report comparing your home to other similar properties. At the time of this writing, you can expect to pay between $400-600 for a professional appraisal. Turnaround time for an appraisal could be between 2-4 weeks.
Use an online valuation tool
If you’re not ready to connect with a real estate professional or pay for an appraisal, you can get a preliminary valuation by using an online home valuation tool. The valuation provided to you by a tool like this may not be 100% accurate as it is a computer-generated valuation that can’t take into account your updates, home flaws, and other important nuances.
Check out the valuation tool on the Jess Lex Homes website. Note: You will be required to provide your address and may also be asked for additional contact information for the valuation to be provided.
Visit a real estate search website
Websites like Zillow and Realtor.com also provide home valuation estimates. All you have to do is type in your address. No contact info needed. Just as with the online valuation tool information above, these estimates may not be 100% accurate. They are a computer-generated value and cannot take into account all of the important details needed to properly research the value of your home.
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