If you are looking to sell or refinance, or are simply concerned about home values in your neighborhood, you probably want to determine the value of your house. This is a simple enough proposition, but the reality of establishing your home’s value can be complicated. Here are some ways to know what your house is worth—and how much that value has changed.
Check the Internet
There are several websites like zillow.com and eppraisal.com that will tell you the approximate value of your home, as well as track its increases and decreases in value over the past few years. If you are looking to sell your home, this information is invaluable as your buyer will undoubtedly also be looking up the internet appraisal value. These websites can also tell you the value of homes close by, which will also help you to decide on a sale price based upon the selling price of homes in your neighborhood.
Contact Your Local Tax Assessor
You have the right to look up the assessment of your property at your local tax assessor’s office, or often times, online. It’s a good idea to know the current value of your home according to the assessor as they do not do an appraisal every year. In fact, if you are in an area hard hit by the housing crisis, you may be paying taxes based on your home’s value at the top of the bubble. It might be worth your while to challenge the assessment. Saving on your tax bill could be a silver lining to the slumping market.
David’s Note: Actually, though few people seem to think this way, a declining housing market is good for current home owners because it lowers the cost of ownership.
Speak to an Expert
No one will have a better idea of what homes will sell for in your area than a knowledgeable agent. While real estate websites like Zillow can give you a basic idea of the worth of your home, only a real estate agent will know what the new roof and updated kitchen will do for the price.
If you simply want to know the worth of your house without putting it on the market, hire an appraiser. Appraisers are often licensed or certified, although the requirements vary by state. These individuals will take meticulous notes and photographs in order to determine the worth of your house and will be able to tell you exactly why your house is worth what they estimate. To find an appraiser, check out this site. You do want to be careful that you hire a credited appraiser, so do your homework.
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