Online Tools for Determining the Value of Your Home
Do you ever wonder how much your home is worth in today’s market? Apart from the fact that your home provides your family with a place to live, it is also an important part of your financial plan as well. There are many reasons why knowing your home’s value can be important. By knowing how to calculate and monitor this value, with the help of online tools and trained real estate professionals, you will be better prepared to buy, sell, borrow on your home equity, refinance, or even negotiate lower property taxes. If you want to sell your home quickly, you can contact us at Bridgedale Home Buyers, and we will help make it easy for you with our simple process. However, if you want to gain more information on the value of your home over time, there are many online home valuation websites to help you do so. Just remember that these online tools do not provide you with an official home appraisal, and they may not always be accurate. They are designed to give you an idea of value in the current Canadian real estate market, which may differ from the actual value of your home.
How Do Online Home Value Estimators Work?
Simply search online for “what is my home worth” and you will find many websites offering free home value estimators. After entering your address into the search bar of these sites, you’ll get an immediate estimate. To provide you with a calculation, these tools gather data from public records, such as tax assessments and recent sales and asking prices of similar properties. Your home’s physical attributes and location, and market conditions are also taken into account to help determine what it could be worth. Since many of these sites offer home valuation reports free of charge, they are easily accessible and can help you get a general idea of your property’s value at any time.
How are these online home value estimators different from a home appraisal?
Online home value estimators are a good starting point to give you an idea of your property value. However, if you want to get a price that reflects every factor influencing your home’s sales price, you should meet with a professional home appraiser for an official valuation. Buyers will need to get a home appraisal as it is required by lenders before they will approve a mortgage, and property owners may also choose to hire an appraiser at any time.
Other Steps To Help You Estimate Your Home’s Market Value:
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Consider the location
Location is a key factor influencing the value of the real estate. Even several kilometres can influence the price of a home by thousands of dollars. Ultimately, the location of a home is permanent and therefore, is very influential on the market price. The city and neighbourhood must be considered, as well as the nearby surroundings. For example, if a property is located next to a park, it will likely have a higher market value compared to a house on the same street that is next to a parking lot.
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Identify characteristics that influence the value
Next, you must consider the property’s characteristics, such as the land size, living space, number of bedrooms and bathrooms, garage vs. no garage, unique features (e.g. pool). The condition of the home is also very influential in its value. Consider the quality of the exterior (e.g. foundation, roof, windows) and the interior finish. When evaluating the characteristics of your home you should try to remain neutral. Although you may have an emotional attachment to a particular attribute of your home, the person who buys it may simply replace it.
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Evaluate comparable properties
Another important aspect of estimating your home’s value is to assess properties in your area with similar characteristics. When looking for comparable properties, also known as “comps”, you should look for recent sale prices and listing prices of houses with similar size, location, condition, and upgrades (unless you are trying to sell your house as-is). You’ll want to choose between three and ten recent comps to come up with a representative price range, and within this range will be a general estimate of your home’s value. Also, don’t forget to adjust the values for differences between your home and the comps you choose. For example, if the comp you have selected has more bedrooms you will need to add value to its price or subtract value if the exterior is outdated.
Keep in mind that the online home value estimators mentioned here, along with the steps we have given to estimate value without seeking professional advice are only meant to give you a general idea. If you are looking for a more accurate determination of your home’s value, you can contact Bridgedale Home Buyers for a professional evaluation. We understand how stressful it can be to sell your home and we strive to offer our clients a simple and fast process to make it easy for you!