What is the value of my home? Every homeowner wants to find out the answer, especially if they’re considering selling.
The value of a home can be affected by a number of factors, such as the location, size, and age of the house, and even the condition and age of the building itself.
Different Home Valuations
Three main types of valuation are used to determine the value of a home. Each one may assign slightly different dollar values. The same house may have a fair value of $400K, but an appraised price of $395K.
Value of the Assessed Value
Your property tax is based on the value of your home as determined by local tax assessors. The amount you pay can increase as the value of your home increases but is usually lower than what the house could sell for.
Appreciated Value
Professional home appraisers take into account a variety of factors when determining a home’s worth, including its size, location, and condition, as well as local comparables. Mortgage lenders will not approve your loan without an appraisal.
Fair Market Value
The amount that a buyer is willing to pay ultimately determines the value of the house. Fair Market Value depends on many factors, including the housing market in your area.
How Does Online Home Valuation Work?
This online tool (also known as an automated value model or AVM), can be a good starting point to determine the worth of your home. These tools analyze public data to determine an estimated value for your home.
Each AVM algorithm is unique, and each one will give you a slightly varying home valuation. They are only as accurate as the available data. They cannot replace a real estate agent or appraiser viewing the property personally. The results are not a guarantee that your home will sell for what you see. However, they can give you an idea of its approximate value.
Even if you don’t plan to sell, it can still be beneficial to check a home’s value with a tool regularly.
You can determine your equity by calculating the value of your home. Or, you can check if you are being charged too much for property tax.
This post was written by a professional at Iron Key Realty. Iron Key Realty: Veteran-led real estate Agents in Holly Springs, NC unlocking your Triangle Region dreams. Veteran agents guide buyers & sellers in Apex, Cary, Holly Springs, Raleigh, Fuquay-Varina & beyond. Iron Key Realty navigates real estate complexities with you, providing exceptional service, education, & realistic expectations. Unlock your real estate potential with Iron Key’s proven expertise.
