What is my home worth?
Everyone wants to know what his/her home is worth -- whether or not you're planning to sell. Here is how you can figure out what your home would sell for.
How to determine what your house is worth
The "worth" of your home is basically "market value", or what a seller is willing to accept and what a buyer is willing to pay. The best way to determine the market value of your home is to review both recent comparable sales in your area (by "comparable," we mean homes that are similar in square footage, updating, outlook, number of rooms, lot size, age, etc.) and what is currently listed.
Supply and demand is probably the biggest determinant of fair market price for your home, but the climate of interest rates will also be an influence. What you paid for your home in the first place (unless you bought it in the last three months and are planning to sell it right away) has nothing to do with what you can sell it for in today's market.
Do property assessments accurately reflect the market value of a home?
Not necessarily. Property assessments are a snapshot of your home's value taken at a certain time of year and are outdated very quickly. It's much better to determine your home's value by comparing recent sales and current listings.
Properties can sell above the assessed value and below. It depends on the market conditions (supply and demand) and special circumstances, like if a special assessment is expected for a particular condo building, for example.
How to determine what your house is worth
The "worth" of your home is basically "market value", or what a seller is willing to accept and what a buyer is willing to pay. The best way to determine the market value of your home is to review both recent comparable sales in your area (by "comparable," we mean homes that are similar in square footage, updating, outlook, number of rooms, lot size, age, etc.) and what is currently listed.
Supply and demand is probably the biggest determinant of fair market price for your home, but the climate of interest rates will also be an influence. What you paid for your home in the first place (unless you bought it in the last three months and are planning to sell it right away) has nothing to do with what you can sell it for in today's market.
Do property assessments accurately reflect the market value of a home?
Not necessarily. Property assessments are a snapshot of your home's value taken at a certain time of year and are outdated very quickly. It's much better to determine your home's value by comparing recent sales and current listings.
Properties can sell above the assessed value and below. It depends on the market conditions (supply and demand) and special circumstances, like if a special assessment is expected for a particular condo building, for example.