When looking to sell your home, it is vital to understand how much your house is worth. For that, websites such as https://savemax.com/buy/kitchener-real-estate use algorithms (taxable square footage, comparable nearby sales, or a combination of the two) to offer a fair home value estimate.
It’s fair to say that the current online tools and resources for a home value estimation give you some helpful hints or a starting point. However, while all homeowners have access to recent information, they should not expect a smartphone or computer to provide the final word on their home’s value. The online estimation algorithms do not consider the condition of your home, livability, buyer’s tastes, or motives.
The best way to receive a fair home evaluation is to call a professional and see the house or compare houses using photos from real estate listings.
Ways to Determine What Your House is Worth
To get an idea of what your house might be worth, here are some solutions:
#1. Enter Your Home’s Address into a Home Value Estimator
A home value estimator is the quickest solution possible to learn your home’s value. The online tools, sometimes known as AVMs (Automated Valuation Model), are good starting points to assess your home’s value fast. However, always take these computer-generated estimates with a grain of salt, as they may be incomplete.
#2. Seek Help from a Real Estate Agent for a Free Comparative Market Analysis
A real estate agent with the necessary tools can quickly drill down and find the most accurate market value. They provide a free, comparative market analysis (CMA), hoping they will win your business if you decide to sell your house. To complete the task, the real estate agent extracts and compares data about recent sales of properties in the area. They can offer the same service to anyone looking to buy a home.
#3. Hire a Professional Appraiser
You may want to consult a professional appraiser if you are looking for the most accurate home value estimate. Generally, mortgage lenders hire appraisers to identify and confirm the value of a home before they approve a loan.
An appraiser is usually licensed and certified to provide an objective opinion on your home’s values, taking into account the characteristics of a property.
#4. Check Your County or Municipal Auditor’s Website
County auditors regularly assess the value of residential properties for tax purposes. You can find all this information online and see the assessed value of your home. However, the estimate may not reflect essential factors in the real estate market, including curb appeal, time of year, or even competitiveness.
What Factors Affect My Home Value?
Various factors can affect your home’s value, including its age, condition, size, neighborhood, or any upgrades and improvements you’ve made. The local housing market, tax rates, interest rates, and economy can also affect your property’s value.
Not a single home valuation method can guarantee 100% accuracy. It would be best to consider combining these tools and resources to get a more detailed perspective of your home and property’s worth. However, when looking for the most reliable value estimate, seek help from a professional who will take the necessary time to assess your home based on various factors.
