What Determines the Present Value of My Home?

Determining the possible value of your home can be tricky. Whether you need to know your home’s value for a refinance of your mortgage or you are planning to sell your house, knowing the current value of your home can be helpful. So, how is the current value of your home determined?

Current Home Condition – Your current home condition is used to determine your home’s current value. The size and room court of your home is used as well as home improvements you have done.  All this is factored in when developing a current home value. The size of the lot, age of the home, and extras are also considered.

Your Area – The location of your property does have bearing on your home value. Your school district, proximity to shopping, hospitals, and highways is also considered. It is important to know is important to buyers in your area. For instance, if you are close in proximity to a major employer, this might also be a selling point and one that will positively affect your home’s value.

Comparable Properties – The most important consideration when determining home value is the recent sale of comparable properties. Comparable properties are homes that are of similar in size, age, style, and location. The recent sale in your area of similar properties is the biggest determination of home value. You realtor can provide you with comparable property sales in your area which can help you see what the market is doing and how that may affect your current home value.

Knowing the value of your home can be very helpful in acquiring insurance, refinancing your home, or selling your house. If you truly need your home value, getting an experienced appraiser to appraise your home is the best way to determine your market value.

View some current homes below provided by IDX/IMLS from Meridian, Idaho under $150,000.