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Find out what your home is REALLY worth in the changing marketplace
How Much Is My Home Worth?
This is a beloved question for all homeowners, and it makes sense - I mean, for most people, your home is your greatest investment so naturally, you wonder if your prized investment is going up or down in value.
Through years of conversations, here are resources I've heard most owners use and assumed to be *somewhat* accurate:
- Market appraisal value as listed on the County Website
- Old appraisals
- What their neighbor sold their home for *recently *last year *etc
So, which one of those methods are accurate? Are they all reliable?
Your Grandma wasn't lying when she said that you don't get things without hard work. Zestimates, county website "appraisals," old appraisals, and what Mr. Sam sold his house for "3 doors down the street" aren't reliable. Why? Your value is determined by RECENT information as well as a variety of factors:
- square footage
- number of bedrooms and baths
- number of stories
- lot size
- exterior finish
- garage capacity
- specific location
The estimated value of a home is determined by taking the PAST 6 MONTHS of sales and comparing your home to homes MOST similar to yours. So...if Mr. Sam's house just sold, but it was 500 sq feet larger than yours and had an extra bedroom and bathroom, then don't expect it to be a comp for your home...without significant adjustments, at least. And unfortunately, while county records and Zestimate are great resources for being able to share INPUTTED data, they are not living, breathing beings with brains so they lack the ability to evaluate and adjust subject properties and the properties they are being compared to.
So how do you find out how much your home is worth? If you want a fairly accurate value, you will have to call a Realtor or an appraiser - an appraiser will charge you, but most Realtors will provide your value free of charge.
If you're just bored on a Sunday afternoon, however, Zestimate your little heart out!