Home much your home is worth depends on what a buyer would be willing to pay for your house in the current real estate market. There are many factors that can impact your home’s worth, so before you use a home value estimator to identify the value of your home, familiarize yourself with what could affect your home value.
- Neighborhood Comps- When you use a home value estimator, one of the best ways to determine your home’s value is what other similar homes in your neighborhood have recently sold for. However, no two comps are exactly the same, so you will need to still make adjustments for differences. Ideally, you would need to look at several different comps to identify the worth of your home.
- Home Location- Your home may be in the ideal spot for you, but when an appraiser determines how much value to assign your home based on its location, they will look at three specific indicators: access to employment opportunities, the quality of the local schools, and the home’s proximity to recreational centers, entertainment, and shopping.
- Home Size- One of the most important factors any home value estimator uses to determine the worth of a home is the usable size and space of the home. Buyers typically value livable space above all else when buying a home, so the more bedrooms and bathrooms your home has, the more it will typically be worth. Attics, garages, and unfinished basements do not typically contribute to the usable square footage of a home.