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 House Worth?
By Karen LawsonHome Worth Columnist
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If you want refinance or get a home equity loan, you'll need to know what your house is worth. To qualify for mortgage financing, your lender will probably require an appraisal. A licensed appraiser provides a standard report to your lender after completing an exterior, and possibly interior, inspection of your home. Appraisals can cost several hundred dollars, so what are your options if you want a general idea of your home's value?
Free and Low-Cost Home Value Options
Mortgage companies and real-estate agents frequently provide home value calculators online. While it can give you a general idea of home values in your area as they apply to your house, an online home value calculator cannot generate the exact value for your home. A home value calculator can help you if you're planning to access your home equity for debt consolidation or other purposes. You've probably heard about declining housing markets across the nation. There is good reason for you to know how property values are doing in your neighborhood, and to have an idea of general trends in your region. Changes in home value can impact your home equity and your ability to refinance or get a home equity loan or line of credit.
Broker's Opinion of Value
Real-estate brokers can provide home value information that is more specific to your immediate area. A broker's opinion of value describes your home and its strongest selling points, and may also suggest repairs and updates needed to maximize your home's value. Recent sales of comparable homes (called a Comparable Market Analysis, or CMA) may also be included. Broker's opinions can be useful if you're considering refinancing, planning to make home improvements, or deciding if and when to sell your home. Brokers' opinions typically cost less than appraisals, and can assist you in making important decisions concerning mortgage loans and your home's value.
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.