The question how much is your home worth is simple and should be easy to answer…but it isn’t. Value is often times subjective especially when data is hard to come by such as comparable sales in a neighborhood. We will share Mortgage-Analyzer’s best practices for taking the uncertainty out of valuing your home.
Sales comps are as good as gold
Getting access to real sales data is difficult and is generally controlled by big institutions like the MLS which can only be accessed with special licenses. If you can get recent sales prices and data for similar homes in your area, this will be most helpful for figuring out your value. Local agents are often times the best resource for these
Let technology work for you
Online platforms such as Zillow’s Zestimate price range and Realtor.com have gotten more and more reliable with the help of predictive analytics machine learning. They are not perfect but can be very useful as a starting point.
Tax appraisals are less reliable
Local appraisal/tax district data (what your property tax assessment is based on) is a good data point to use for context but should not be squarely relied upon for current valuation.
There are several free online tools to help give a range of possible values but getting access to real sales comps in your area is vital for an accurate home valuation. We can help connect you to a local home valuation specialist now.