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Anytime you're considering buying or selling a house, made a major renovation or are trying to calculate your new worth, you'll be interested in finding the real value of your home. Home values aren't like the Stock Market where you can just go on the internet and check the latest price. Home values are an imperfect science as there's often a lack of sales data available and many opinions as to what the actual value of a house or property really is.
There are a few ways to estimate the value of your home. Some are simple and some a little more complicated and costly.
Appraisal
This will probably yield the most accurate number as an appraiser will come through to measure and evaluate every aspect of your home to determine a value. Appraisals like this are usually reserved for home sales and mortgage refinances. Plus, they will likely set you back a few hundred dollars.
Comparable Home Sales
You can look at other home sales in the area in which the house shares a similar profile to yours (square footage, number of bedrooms, lot size, etc.). This requires a bit of manual work to do the research and is probably best left in the hands of the real estate agents and brokers.
Zillow.com
This website uses its own proprietary formula to determine values for over 50 million homes across the United States. This may be the easiest tool of the bunch to use as you simply enter your home address into the search engine and it provides you an estimate. You can also check out recent sales and other homes in your neighborhood.
Tax Records
A property value and a tax assessment value are two different things and won't necessarily lead you to an accurate estimate. The value that your local government gives to your home is for taxing purposes only and can differ greatly from what the true value of your home is. If you're just looking for a ballpark estimate though, this will still point you in the right direction.
Cyberhomes.com
This is similar to Zillow and uses a combination of tax records and recent home sales data to develop their estimate. Cyberhomes.com gives you a value range for the both the property and the neighborhood although the ranges given can be quite wide. Again, this can be useful if you're looking to get a reasonably close value estimate.
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What is the relationship between the value of a home and the amount of insurance required on the home?
What your home is insured for is not based on the resale value but it is based on the Replacement Cost Value or RCV. The RCV is determined by how much it would cost to demolish your home and rebuild it exactly as it stands. In todays real estate market many people get confused with this concept as they could by their home for a fraction of what it is insured for. If you want to check and make sure you are insured for the proper value you can always ask a local contractor for a cost per square foot to build a home like yours, this will give you a rough estimate.
Which of these is a document that gives an estimate of a propertys fair market value?
appraisal
What is the index value of my home loan?
What is the index value of my home loan? How is it calculated? Also, the marging of the loan, where is calculated or comes from?
What is the name of a document that gives an estimate of a property's fair market value?
appraisal...
What is the difference between a home improvement loan and a home equity line of credit?
Their is a large difference between these two different types of loans. Home Improvement Loans are given out to customers who have a full plan of what they will be improving along with a price estimate. A HELOC loan is just the consumer requesting money for anything based on their houses value.
How can one obtain a home value estimate?
You can get a home value estimate by hiring an appraiser to come place a value on your home. You can also use multiple webpages to place a value on your home.
How can one determine a home's property value?
To determine a home's property value one can vistit one of the following sites: Willow, Trulia and Realtor. On the Willow and Trulia sites you can simply type in your address and get an estimate on your home's value.
What is the formula for calculating a reverse mortgage?
Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.
How can I find out the current value of our home?
The best and cheapest way to find out the current value of your home is to check in with your bank and get the price. they should know and tell you for free to where you can estimate to take the advantages of the low interest rates.
How do you write an estimate range?
Estimate the minimum value, A. Estimate the maximum value, B. The estimated range is from A to B.
What is the estimate of 11568?
If you have the exact value, why do you need to estimate!
Is there anywhere where you can get a estimate on a dream home for free?
For a free dream home estimate you can contact DreamHome Remodeling Home Improvements. You can get in contact with them by visiting there website www.dhremodeling.com. This estimate is for dream home remolding free estimate.
What does the average American spend on home repairs?
If you are interested in budgeting for home repairs, it would be save to estimate that you will spend around 3% of your total home's value on repairs per year. http://www.loanpointusaexperts.com/mortInfo.aspx
What sample statistic is used to estimate a population parameter?
A point estimate is a single value (statistic) used to estimate a population value (parameter)true apex
What is the approximate value of something?
The approximate value of something is an estimate.
How long does the purchase price of the home continue to be the value versus appraised value?
The purchase price of the home is not the value of the home. It is what you paid for the home. The value of the home is the appraised value. A lender would look only at the appraised value of a home for lending purposes. If you paid more or less for the home, that is on you.
What is the relationship between the value of a home and the amount of insurance required on the home?
What your home is insured for is not based on the resale value but it is based on the Replacement Cost Value or RCV. The RCV is determined by how much it would cost to demolish your home and rebuild it exactly as it stands. In todays real estate market many people get confused with this concept as they could by their home for a fraction of what it is insured for. If you want to check and make sure you are insured for the proper value you can always ask a local contractor for a cost per square foot to build a home like yours, this will give you a rough estimate.
