How To Quickly and Accurately Find Out How Much Your House Is Worth
As with any asset, your home’s value ultimately comes down to how much someone else is willing to pay for it — and you won’t know that until the home is up for sale. But there are ways to get a decent idea of its worth before it goes on the market.
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Before assessing your home’s value, it’s helpful to understand the forces at play. Numerous factors go into determining a home’s worth, ranging from its location and features to its age and condition. Beyond that, economic dynamics can play a big role, many of which involve supply and demand.
For example, a shortage of new home construction during the COVID-19 pandemic contributed to lower supply in many U.S. markets, which sent prices soaring. As of December 2024, the median sales price for homes in the U.S. was $427,388, according to Redfin — a gain of 6.1% from the prior year.
Of course, that doesn’t mean your home has soared in value. As Rocket Mortgage noted in a blog, factors beyond your control can hurt your home’s market value — including high mortgage rates, which have reduced the number of potential buyers in some markets and led to stagnant prices.
All of these forces can impact the value of your home, for both good and ill. Here are three ways to quickly and accurately find out its worth without having to hire and pay for an appraiser.
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Research Comparable Sales
One quick and easy way to find your home’s worth is to look at comparable sale prices (or “comps”) of other homes is your immediate area. Be sure to focus on homes with similar square footage, age, condition and features, advises Glen Barlow, CEO at Stallion Equity Management, a Charleston, Sout Carolina-based private equity firm that buys, repositions and manages real estate properties and projects.
“Use online real estate platforms like Zillow, Redfin, or Realtor.com to gather data, or consult a local real estate agent for more accurate and detailed comps,” Barlow told GOBankingRates. “Adjust for differences (e.g., upgrades, lot size, or location) to estimate how your property compares.”
Ask A Realtor
Real estate agents with experience representing buyers and sellers in your neighborhood can be an excellent resource for getting a quick estimate of your home’s worth. And most will be happy to help you even if your house is not on the market. According to a blog from Sunflower Bank, many agents just hope to make good impression so you’ll keep them in mind when you do sell your home.
Use Online Valuation Tools
Another option is to use automated valuation models (AVMs) such as Zillow’s Zestimate, Redfin Estimate and Realtor.com’s home value tool, which use algorithms and public data to provide estimated values.
“Keep in mind that these estimates can vary and may not account for unique features or recent upgrades, so use them as a starting point rather than a definitive value,” Barlow said. “By combining these methods, homeowners can get a well-rounded understanding of their property’s value.”
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This article originally appeared on GOBankingRates.com: How To Quickly and Accurately Find Out How Much Your House Is Worth
