Find Your Home Value
Home Appraisal Tips & Advice
Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? What's My Home Worth?
By Karen LawsonHome Worth Columnist
Send to a Friend
| 
Printable Version
Free home value calculator tools are available online. Mortgage lenders and real estate companies typically offer free home value estimates to assist potential homebuyers. If you already own a home, knowing how much equity you have can help you plan for home improvement projects, debt consolidation, or other expenses. Free home value estimates are not exact indicators but estimates of your home's value. Here are some reasons why two homes of similar design, size, and location can differ in value.
Location is Everything, Almost
Real estate appraisers provide formal reports that evaluate factors such as age, layout, condition, and location of real property. Seemingly identical homes within the same neighborhood can vary in price depending on location and environmental influences. A home on a busy street may be worth less than an identical home located next to a park. Real estate professionals know which neighborhoods in your area are "hot." Buyers generally pay premium prices for homes in desirable areas.
What's Hot and What's Not
Your home looks good, and you don't understand why it isn't worth as much as similar homes in your area. Home fashions go in and out of style just as clothing styles do. If your home doesn't reflect current popular trends, updating can add value. It's important to evaluate the cost of home improvements against expected increases in value. Local real estate professionals can offer advice about popular home features.
Consider Your Buyers' Perspective
Homeowners are disappointed when their home value estimate doesn't match a lender's appraisal or real estate agent's opinion of value. Potential buyers can appreciate improvements such as new appliances, but may not want an in-ground pool. Clearing away clutter and overgrown landscaping can help provide a better idea of your home's unique appeal.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.