How Much is My House Worth?

Use These Tips to Get the True Value of your Residential Real Estate


Written by Gaurav Bhola, MSM on December 28, 2008

In a fluctuating mortgage and residential real estate environment, it can be difficult to determine the true cost of your home. Unless you have vast real estate experience, seeking avenues of assessing the true value of your most precious investment can be confusing. Hence, here are important tips for getting your true home real estate value.

1. Find a Real Estate Agent
I would talk to at minimum three real estate agents to get a good estimate of your home’s worth before placing it on the market.

Don’t be amazed if you get three different estimates. Use your best judgment to see which estimate is the best.

2. Get an Independent Real Estate Appraiser
An experienced property appraiser who is independent can provide an educated estimate on the value of your home. Call several independent appraisers in town and ask them of their cost of an appraisal and experience. Choose an appraiser that best meets your needs.

3. Evaluate Comparable Homes
You can also look at comparable home sales in your neighborhood. It is important to evaluate homes similar to yours for an ideal comparison of value.

4. Search the World Wide Web
The popularity of the World Wide Web has revolutionized the mortgage loan and real estate market. Thus, you can find a lot of information relating to anything real estate. There are many internet real estate websites to check prices of homes in your area. These websites are a good resource for the average user, no previous real estate experience is necessary.

5. Investigate Adjustments in Area Prices
Housing pricing data is available from credible sources, such as the Case-Shiller index, the Office of Federal Housing Enterprise Oversight, and the National Association of Realtors. The home prices are in broad strokes, but you can get a rough estimate of home price changes in your area.

On the other hand, you can get local area pricing information from the Multiple Listing Service (MLS), accessible through your real estate agent. Also, you go to your county’s property appraiser’s office and get detailed home sales information of comparable homes in your neighborhood

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