You put a lot into your home, so it's smart investing to know what it's worth.
Every home owner has wondered, 'What is my house worth?' But without some professional guidance, all you can do is guess. Your idea and the reality might not be the same. That's why a home valuation is so important. It gives you information based on real, relevant factors.
But what are those important factors, and why do they matter?
Your Home's Vital Statistics
Naturally, one of the most important factors in the value of your home is the home itself. An identical home in a different area might be worth less or more, but your position in the local rankings rests on its own merits.
Square footage, upgrades, lot size, and the condition of the house are the foundation of it's value. Amenities, such as a renovated kitchen and bathrooms, can help improve it. If your value is better than expected, it might be a good time to refinance.
What's on the other side of the fence plays a big role in what your house is worth.
Information About Neighboring Properties
Like it or not, the houses around yours can help or hurt the value of your home. If yours is the best house in the area, its value might not be as high as you'd expect. But on the other hand, if there are plenty of houses with a higher value, yours could get a boost.
Neighboring properties, especially those that are on the market now and those that have recently sold, offer important information. They tell what buyers are willing to pay for similar homes. And because even a full appraisal is also mostly an opinion, the actions of buyers in your area are tangible benchmarks.
How the Local Market is Performing
Are homes selling like hotcakes in your area? Then chances are, your home would, too. Or at least its value would likely support a decision to list it for sale. An active market indicates a seller's market, and that's the best possible news for a home owner.
You don't have to list your home just because the market bumps up its value. You could simply take advantage of the improved equity, tapping into it with a home equity loan or home equity line of credit, to finance improvements.
Great teachers and schools make for attractive communities.
Desirability of the Community
Hand in hand with the value of similar homes around you is the desirability of the community as a whole. Where buyers scramble to find available homes, the value of those homes go up. It's the age old theory of supply and demand.
A convenient location that's close to great schools, shopping, entertainment, and other attractions will draw in buyers and drive up values. But even the best homes that have a poor location can suffer from fewer buyers, lower interest, and ultimately lower value.
What is my house worth?' probably crosses the mind of every home owner time and time again. When you hear about a great sale in the area, it's natural to wonder how yours would stack up. That's why an eppraisal home value estimation is so important.
With eppraisal, all you have to do is enter your address and click a button. In minutes, and with no cost to you, you'll learn your home's value. Click here for your free property valuation today.
