How to obtain your home’s current market value without an appraisal

Current Home Value – Property values are mostly dictated by MLS-recorded sales. Typically, a low to high range is obtained with criteria of time frame and neighborhood, subdivision, or distance from Subject Property. Multiple listing sales are always recorded. However, some sales, including all cash sales like for sale by owner (FSBO) sales, are usually kept from being recorded.

The most common way realtors and appraisers assess the value of a home is by locating all like-for-like sales (same property characteristics). I.E., similar square footage, bedrooms, bathrooms, lot size, and style. Primarily within half a mile radius of the subject property, same subdivision, or zip code. Most commonly, sales within the last 3 to 6 months.

The best way to certify a property’s value is with an actual appraisal. These can be spendy deepening on the property’s size and complexity. There are two ways an appraiser will estimate the value of a home, a cost approach and/or sales approach. A sales approach would be using sales within the criteria mentioned as mentioned. A cost approach is a base or average value that will include updates that have been completed on the home. That will ultimately increase marketability and value. This would be above and beyond the average comps in the area.

One way to get your home’s market value is by looking at several variables. The first important variable to look at is the location because if your home is in a desirable wealthy neighborhood. With curb appeal and low crime rates, this will automatically give you more equity just because it is a desired location for buying homes. Another variable to look at is the size and location. This is important because if you buy a house and do renovations on it or just basic painting. These additions can dramatically increase the value of the home.

School districts are another big factor when looking at potential homes to buy. Because good schools are sought after by many parents wanting a good education for their kids, good school districts give neighborhoods an increase in value and desire. “A study done by the National Association of REALTORS® found that 25% of home buyers consider the quality of nearby schools before purchasing a home.” 

Current Home Value

Current market conditions are vital when buying or looking to buy a property. For example, right now, in 2023, based on many credible sources, 2023 looks like a buyer’s market. Due to inflation, and high-interest rates, and mortgage rates 15 and 30-year fixed. When there are more buyers than there are houses. This will allow individuals to demand a higher price for their house. Many people will use professional Appraisers to see their current value. This is only recommended if you are about to sell your house.

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