Home values have surged since the beginning of the pandemic. Whether you've bought, sold, or simply considered buying or selling a home in the past two years, you've likely noticed a significant increase in property value. This rise has motivated many homeowners to sell and maximize their profits. But even if you're not planning to sell, it's worth finding out the estimated value of your home right now. The soaring prices may enable you to refinance and reduce your monthly payments.
In this article, we will explore the best ways to determine the value of your home and the top home value estimators to use.
How Can I Accurately Determine the Value of My Home?
There are several methods to find out what your home is worth. Here are the top options:
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Comparative Market Analysis (CMA): This is an estimate of your home's value based on recently sold properties in your area. Typically performed by a real estate agent, a CMA provides a reliable estimate.
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State-Licensed Appraisers: Appraisers conduct a thorough inspection of your home and provide an official appraisal report. Banks require appraisals when refinancing or obtaining a mortgage.
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Online Property Value Estimators: These estimators are free, convenient, and accessible. While they offer a general estimate, they are not as comprehensive as an appraisal or CMA.
All three methods can be useful when determining your home's value. However, appraisals tend to be more expensive, while CMAs and online estimators are often free. It is usually best to start with the free options and then consider hiring an appraiser if necessary.
The Best and Most Accurate Home Value Estimators
If you're looking to sell or refinance your home, having an accurate value estimate is crucial. It's also helpful to research the value of homes you're interested in buying to ensure a fair price. Here are some of the most accurate home value estimators:
1. Redfin's "How Much is my House Worth?" Tool
Redfin is a leading real estate website and brokerage based in Seattle. Their home value estimator is known for its accuracy. Additionally, Redfin offers the option to schedule a free consultation with a Redfin agent for a professional home value estimate.
2. Zillow’s "How Much is My Home Worth" Checker
Zillow, one of the top real estate sites, provides an accurate home value estimator. Many people turn to Zillow for all their real estate needs. It's a user-friendly platform that offers comprehensive information about buying, selling, and learning more about real estate.
3. Realtor.com Home Value Estimator
Realtor.com offers various tools for homeowners, including a home valuation estimator and market value comparisons. They provide plenty of resources for those looking to buy or sell. Realtor.com is equally as popular as Zillow, and both platforms offer valuable information and excellent search engines.
4. Chase Home Value Estimator
Chase provides several calculators to help determine your home's value, affordability, and the best loans for your needs. They also offer educational articles to navigate the complexities of real estate sales.
5. Remax Home Value Estimator
Remax utilizes top technology to generate accurate home value estimates based on historic public sales data and sales trends. They even compare their estimate with Zillow's for a more comprehensive overview. Checking each of these options is recommended to get the most accurate estimate.
6. Trulia
Trulia is another great option to explore if you want to validate the estimates provided by our original list. With years of experience, Trulia offers features similar to other top real estate websites for a reliable comparative market analysis.
Estimating the Value of a Mobile Home
Finding the value of a mobile home requires a slightly different approach than a traditional single-family home. You have a few options:
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Free Book Value: Similar to a vehicle's blue book value, this average value is based on the mobile home's make, model, and year.
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Licensed Appraiser: You can hire a licensed appraiser to inspect the mobile home and generate an estimate based on its features.
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Research Comparable Prices: Although less accurate, you can research other mobile home prices and perform an estimated comparative market analysis.
Discover the True Value of Your Home
To navigate through this process and obtain the most accurate estimate of your home, consider seeking help from a licensed real estate agent. Fast Expert is an excellent platform to find a real estate agent in your area who possesses the knowledge and experience to guide you every step of the way.
Remember, understanding the value of your home is essential, whether you're buying, selling, or simply curious. Utilize these accurate home value estimators to make informed decisions about your property.