Melanie Dittmayer Logo

WHAT'S YOUR HOME WORTH


BEING AWARE OF YOUR HOME VALUE IS NOT ONLY IMPORTANT WHEN IT COMES TO SELLING YOUR HOME.

how much is my home worth

 

Next to providing a place for your family to live, your home is an important part of your financial plan, too. You shouldn’t necessarily think of your primary residence as an “investment,” but your home’s value is definitely part of your net worth.

Over time, your home should theoretically increase in value. This value might not mean a lot if your goal is paying off your home and living there forever, but it can be meaningful in the future. This is especially true if you ever wind up borrowing against your home's value. If the value of your home increases significantly, you'll have a lot more lee-way when it comes to taking out a home equity line of credit, or HELOC.

Keeping an eye on the market value and property tax assessment value is important so that you're not paying tax on an artificially inflated property value by mistake, or vice versa.

Finally, knowing your home’s value can be important when it comes to estate and elder law care planning as well.

Fortunately, there are plenty of websites that let you watch your home’s value ebb and flow over the years for free. Some offer this information without requiring you to enter your personal information, while others want your name, phone and email address in exchange. If you choose a site that requires your personal details, make sure you know what you're getting into before you sign up!

Zillow is one of the biggest websites for monitoring your home’s value and it's very easy to use. Just by entering your home’s address into the website’s interface, you’ll get a Zestimate  – a Zillow-created estimate of your home’s value.

Realtor.com is also free for anyone and very easy to use. Just enter your address into the site’s homepage and you’ll receive a price estimate of your home.

Eppraisal.com is another free to use website. Next to their own estimate they also show the Zillow Zestimate. Additional information includes nearby sales and schools. For a fee of $14.99 per property report you can order a detailed property report that includes building permits, sales and tax history, flood risks and more.

Chase Bank has it's own home property value tool offered for free online. Simply enter your home address, your state, and your zip code to learn how much your home might be worth.

Redfin is another website that has become popular among real estate enthusiasts and homeowners.

Real estate firm RE/MAX has also jumped in the game with its own home value estimator. While this is likely a ploy to get you to use their services when you sell your home, the online tool is free and easy to use.

ForSaleByOwner.com was created to help homeowner’s advertise and market their own homes in lieu of a realtor and it offers several tools any homeowner can benefit from as well. While you do have to register to use their pricing tool it is free and easy to use.

Click here for a free zillow and eppraisal estimate

Just remember not to take these estimates too seriously, as they don’t necessarily reflect the exact value you’ll receive if you sell. If you want “the real thing” – as in, a price that reflects every factor that goes into a home’s sales price – you should meet with at least 2 or 3 realtors to get price suggestions. Chances are, a realtor will be able to offer more insight into your local market than any online real estate tool ever could.

Contact me to receive your professional free home CMA