In a fluctuating home loan mortgage and real estate market, it is sometimes difficult to determine the true cost of your home. Unless you have real estate experience, finding the paths to getting the true value of your most precious investment can be confusing. Herein, I present tips to finding out your true home real estate value.
1. Find a real estate agent
Talk to at least three real estate agents to get an estimate of your home’s worth before placing it on the market. Get at minimum three different estimates. Use your judgment in determining which estimate is the best.
2. Get an independent appraiser
An experienced independent property appraiser can give you an educated estimate on the value of your home. Call several appraisers in town and ask them of their experience and the cost for an appraisal. Work with an appraiser that best meets your needs.
3. Seek comparable homes
Check out for how much similar houses in your neighborhood are selling for. You can visit an open house or simply call the real estate agent and get an idea of an asking price. It is important to compare homes similar to yours for an ideal comparison.
4. Search the Internet
The popularity of the internet has led to a revolution in the real estate and mortgage loan market. Hence, you can find a ton of information online about anything related to real estate. There are several popular real estate websites to check prices of homes in your area. These sites are a great resource for the average user, no previous real estate expertise are required. Also, the multiple housing listings change frequently so that you never get the same stale listings for comparisons.
5. Explore adjustments in area prices
You can review housing pricing data from credible sources such as the Office of Federal Housing Enterprise Oversight, the National Association of Realtors, and the Case-Shiller index. Even though the home prices are in broad strokes, you can get a rough approximation of home price changes in your neighborhood.
Conversely, you can get local area information with your area multiple listing service. Also, you can go to your local property appraiser’s office and get detailed information about sales of comparable homes in your area.
The true value of your home in a fluctuating price market can be tricky to narrow down. However, with due diligence on your part and some help from professionals in the real estate arena, getting an accurate assessment of your home’s value can be within reach.