Home Value

If your looking to buy or sell a home, then the first thing you are gong to want to know is the fair value of the home. So, how do you truly determine home value? Home value is dependent on various items such as the local market, size of the home, number of rooms, property size, layout, construction, style, condition and improvements. Sometimes if you find the right buyers, you can get more value out of your home than even you may think it is worth.

Still, its always nice to have an idea of what the home could possibly sell for, so lets take a look at ways to determine home value

Home Appraisals

The most obvious way to determine home value is by getting your home appraised by a professional. The appraiser will visit the home and gather information about the home such as dimensions, property size, number of rooms/baths, size of garage, materials used to build the home and improvements such as fences or patios. They then will compare the house to similar homes in the area. The appraiser will generally do comparisons and may also determine value by figuring out the cost to build the house brand new. The appraisal will usually give you a real good idea of the home value, which is why the bank will almost always require a home appraisal for a home purchase. The down side to using an appraiser to find home value is the cost. it can cost between $150 - $600 for an appraisal, depending on the area and size of the home.

Market Analysis

Another way of determining home value is having a real estate agent perform a market analysis. This is similar to an appraisal, but a bit less detailed. The real estate agent to make a comparison to other homes in your market to try to identify a range of value. Real estate agents will general perform a market analysis so they can advise the seller on a list price or advise the buyer if the home is worth the price being asked.

Home Value Research

With the internet comes more resources for you to determine value without seeking outside help. First, you can view listings of homes in your area to determine home value. Also, if you are looking to buy a home, you can sometimes find a recent sales price if the house had been sold in the last few years. Sites that provide this information include:

Yahoo Home Value

Domania Home Value