Main Content

How to Determine Your Home’s Value

There are a myriad of reasons why you should learn how to find out how much your house is worth. Knowing your property’s value can be helpful when you want to put it up as collateral for a loan, are getting ready to sell, or looking to refinance. For buyers, working out this value can help in finding a great deal, or avoiding settling on an inflated sale price.

Here are some useful tips on how to work out this figure:

  1. Look at comparable local listings
  2. Conduct an online search for homes similar to yours on various real estate sites. Input details that mirror your own home, such as the number of bedrooms, age, and style of the house. The sites will return properties that match these criteria, along with their selling price. If you can, visit some of these properties in person to make a better comparison with your property.

    Looking at newspaper classifieds or even taking a walk through area neighborhoods should also bring up some good results.

  3. Talk to a Realtor
  4. A local Realtor can provide a ballpark estimate of your home’s value without seeing the property. Check out their website for a “What Is My Home Worth” feature. All you need to do is to give a few details about your home, including the location, the number of bedrooms and bathrooms, and the square footage.

    If you want a truly accurate figure, such as when you need to set a selling price for your property, the Realtor can do a comparative market analysis (CMA). What’s great about a CMA is that it accounts for the actual sale prices of similar properties in your neighborhood instead of the listing prices, which can still change considerably. It also considers trends in the market, as well as your home’s unique features like new kitchen appliances, walk-in closets, and so on.

    Get help from a Realtor who specializes in your area. Ask for referrals from friends who have bought or sold a housein the neighborhood. Look up online reviews or check around the neighborhood for “For Sale” signs that indicate the agent representing the property.

    As one of Northwest Oklahoma’s premier Realtors, Katie McKinney can conduct a CMA for you, help you better understand the value of your property, and how to best place it on the market. Get in touch with herhereor call her at 580-374-5886.

  5. Hire an Appraiser
  6. Working with an appraiser is a good way to find out how much your home is worth. Buyers’ lenders also hire appraisers to determine the value of a home before they finalize the mortgage. Many homeowners are willing to pay for this service even when they do not intend to transact on their propertyanytime soon. 

    Much like a Realtor, these professionals factor in not just the value of the house itself, but also the location, market trends, nearby developments, and upcoming changes to infrastructure in the area. They often accurately predict which direction the market is headed and provide a comprehensive report.

    The price of their services often depends on the value of the property. The more valuable the property, the more you will be charged.