Current home value has a strong meaning, we tend to be attached to something that goes beyond material ownership, and a house is just that, a long-term investment, the fruit of your decisions, the time spent doing something that others believed it was nearly impossible, and so much more. Now, you are in another phase, you are prepared to sell your home and you (more than anything) want to stay informed.
There are countless ways to know the current home value, even new technologies like automated valuation models (AVM) are up and running, giving results that are impressively near to what real homeowners believe it’s the real price of a property according to a study from the Federal Reserve of the United States. Unsurprisingly, there are still some strong differences, while AVMs generate estimates from data that property owners do not collect, these do not know the precise characteristics of the home in question, just like new improvements, aesthetic details, etc.
How to Determine Current Home Value Faster
- Ask a real estate agent within your community for a BPO (broker price opinion), these measures come from an extensive evaluation of the home and the market.
- Someone who might surely help you is a professional appraiser, this person will study the region you want to live in, the house and other comparable properties.
- Use the house price index calculator from the FHFA, a database that has been monitoring market fluctuations in mortgage transactions in the United States since the 1970s.
As said before, owners tend to be emotionally involved with their homes and sometimes get disconnected from what is actually happening in their local market, a fact that needs to be addressed quickly in order to sell the property in the most effective manner. Do you want to know more about the real value of your home? Call us now (888) 870-5766 or write to firstname.lastname@example.org, our experts are ready to guide you through this journey.