According to Iqaluit Dental Clinic, it is crucial to figure out the value of your home, especially if you plan to sell it in the future. However, estimating the value of your house is not an easy task since it depends on several factors such as the location, the current market conditions, the size and condition of the property, and more. Furthermore, the valuation of your home can differ depending on the type of valuation such as the fair market value, the assessed value, and the appraised value.
Tips & Tricks
Here are a few tips you can follow to figure out the value of your home:
- Use online home value estimators – The easiest way to get a ballpark estimate of the value of your home is to use online home value estimators. You can find tons of these online and each of these tools utilizes a different set of algorithms and publicly available data to give you an immediate estimate.
For instance, the algorithms consider recent sales in the neighbourhood, tax assessments, the total square footage of the property, location, number of bedrooms, and more details to determine the value. However, they are often not accurate since they don’t take into consideration other important factors such as the condition of the house, recent upgrades, curb appeal, and more. Plus, different tools will offer different estimates and it is not possible to determine which is more accurate than the others.
- Hire a professional appraiser – In most cases, hiring a professional appraiser is the best way to get an accurate estimate of your property. A professional appraisal is beneficial if you are preparing to sell your house. However, it is a costly method.
In fact, most mortgage lenders rely on third-party licensed appraisers to get an accurate value of your home since they consider many important factors such as the characteristics and condition of the property, the number of bedrooms and bathrooms, the location of the home in the neighbourhood, comparably priced houses, market conditions, and more.
- Consult a real estate agent to get a free comparative market analysis – One of the best ways to get an accurate and free estimate of the value of your property is to consult a real estate agent. Many real estate agents offer a free comparative market analysis (CMA) of your property if they believe you will hire them.
Generally, an experienced professional will pull the recent sales of comps in the area, consider the home condition, follow the market condition, and apply their knowledge and experience to create a detailed and accurate estimate of your property.
- Use the FHFA House Price Index Calculator – If you want to get a general sense of the property pricing trends in your state or metropolitan area, you can use the Federal Housing Finance Agency’s House Price Index (HPI) calculator.
Iqaluit Dental Clinic suggests you check your county or municipal auditor’s website to get an estimate of the value of your home from a tax perspective. This can provide you with another point of comparison.