Many home owners are now asking “How much is my property worth?” The widely publicized upswing in real estate prices has left many home owners wondering if their homes are included in the rising property prices. Most home owners would prefer not to engage a real estate agent to find the answer. There is a good reason why they would want to find their property value without the help of a professional. A real estate agent is probably looking for a listing, and they may provide an unrealistic estimate of the worth of the property.
The home owner now has tools they never had before. One nationally known appraisal expert points out that owners have access to several online valuation tools they did not have previously. These tools are web sites that provide two important pieces of information. The properties currently for sale will be listed by zip code, and these listings will include enough data to enable an owner to draw a price comparison between their home and the asking price for similar homes on the real estate market. There are also web sites that identify the prices homes sold for in a zip code. This data will be the important indicator of the value of similar property. However, the most recent data will be the most relevant data.
Finding this information only requires making an inquiry on a search engine using the words “how much is my property worth in zip code _____. An array of sites will come up showing the sponsors of the sites and the type of information the sites contain. Several sites are sponsored by large national data bases listing homes for sale and homes that have sold. Currently, five national sites provide this information, however, one site may have more homes listed than another site does. So, it is a good idea to look at each site.
Some of these sites will have direct feeds from local Multiple Listing Services which means that more properties will be identified. It is a good idea to read the content information that each site posts. While there may be some disparity between the listings, a good picture of the market can be obtained by checking more than one site. Some of these sites will post the price of homes recently sold.
The search engine will also bring up the web sites created by local real estate agencies, and these will likely show the current listings of homes for sale and the prices. This can be considered supplemental information. Some of these homes may not appear on the national data bases.
The next logical question is how does the home owner use all of this information to determine the value of their property. Using the price information on homes of similar size with similar features and the same lot size, an owner can reasonably estimate the value of their home. The unknown is the condition of homes and the upgrades which definitely influence value, but an owner can make assumptions and determine their value accordingly.