What is the Value of my home?
Home value has a slightly different meaning if you ask a homeowner, appraiser or tax assessor. But in most cases, home value means the amount for which a house would likely sell, otherwise known as the current market value.
Mortgage lenders — as well as buyers and sellers — typically rely on professional property appraisers to calculate market value, but there are ways to determine home value on your own. Show Me Real Estate Value
How do I determine how much is my home worth?
The home value calculation uses data gathered by Internet. Internet value, known as a “estimate,” is a home valuation algorithm that looks at the recent sale prices of similar properties gathered from public records, such as tax assessments, as well as user-submitted data. The home’s physical attributes and location, as well as market conditions, are also taken into account by the formula, according to Internet Together, information about recent sales and asking prices helps determine what a house could be worth. Estimates have a median error rate of 4.3% nationally. This means half of Estimates were within 4.3% of the final selling price, while half missed the mark by more than 4.3%. The error rate may be higher or lower in your market. Show Me Real Estate Value
