What's the Value of your Austin, TX Home?

There are three primary methods of estimating a home's value:

Fair Market Value: This includes what your house appears like to potential buyers compared to other properties in the neighborhood. Compare your home's value to a similar property that just sold (the same number of bedrooms and bathrooms, square footage, or outdoor space). This is where your agent will begin if you hire them to help you sell your house: looking at comparable sales to get an idea of what buyers are prepared to pay for a property like yours.

Appraised Value: While comparisons are considered when determining your home's appraised value, fair market value is not. A licensed appraiser takes into account the location, size, and condition of your home and any changes you've made while determining the value of your property. If you're looking to buy or refinance your house, the property's appraised value is what lenders consider.

Assessed Value: When determining property taxes, local tax assessors utilize your home's assessed value to provide a value. There are a variety of criteria considered by tax assessors when determining assessed value. These include the previously appraised value, the fair market value, home renovations, and any income generated from the property. A property's assessed value is frequently lower than its fair market value and does not accurately reflect its actual market value.

You can use an online home value calculator to help understand your home's value, but don't rely solely on the number you see.

Here are five methods for discovering the value of your home:

• Use a Home Value Estimator
• Check the County Auditors' Website
• Use the FHFA House Price Index Calculator
• Hire an Appraiser
• Ask a Realtor to perform a Comparative Market Analysis (CMA)

The value of your home is dependent on many factors including, but not limited to; the location and condition of the home, and improvements or upgrades made, the local housing market, the economy, and interest and tax rates.

How Often should you be Keeping an eye on your Home's Value?

Keeping an eye on your Home's value regularly, like once a year, is a good choice for several reasons. For example, your Home's current worth might be used to establish whether or not your homeowner's insurance policy still effectively covers your Home. Taxes are also affected by the appraised value of your property, so if you can prove the appraised value is wrong, you can protest and reduce your taxes. Knowing this number can also help you determine how much equity you have built up, which may allow you to get a home equity loan or line of credit, or a cash-out refinance on your home.

The biggest reason of them all, however, is if you're planning on selling in the near future. At this point, knowing what your home is worth to potential buyers is critical. Our team is more than happy to help you determine this number.

In Closing

It's possible to perform your own research utilizing an online home value estimator, the FHFA calculator, and even the county auditor's website. Paying for a professional evaluation is another option, or an addition to it. You may be able to acquire a more accurate picture of your home's value by averaging the final values you get.

When it comes to determining your property's value, the most accurate estimates come from professionals who take the time to thoroughly inspect your home.

An appraiser and/or an experienced real estate agent are the most accurate sources for assessing the value of your home and will have an edge over a computer, because a machine cannot identify intrinsic worth or take into account the condition and modifications you've made to your property. Get started by seeing the estimated value of your property here or contact us through the form below. Thank you and have a great day.