What is my home's value?!
The value of your home is a constantly moving target. Just like how the stock market goes up and down every day so does your home's value. The problem with home's values vs the stock market is you have no idea what the exact value is, until you try and sell it.
My goal with this webpage is to give you the tools so you can better determine what your value is. It will never be 100% accurate, but it will give you a good ballpark of where it may be.
How To Determine Value?
The best place to start is at the beginning. When I say beginning I mean the last appraisal we did for you.
Let's say we did your loan 3 years ago and your value then was at $300,000.
You would then want to pull up the Real Estate Report Cards from below where we can see the average appreciation rates per county for the past 5-10 years. Let's assume that rate was 6%.
We would then take $300,000 X 6% which would equal $18,000. We would add that $18,000 to our original loan amount of $300,000 to equal $318,000. We would then do it again for Year 2 ($318,000 X .06 = 19,080) giving us a new value in Year 2 of about $337,080. Finally, in Year 3 we'd do it once more ($337,080 X .06 = $20,224.80).
So a home we bought 3 years ago at $300,000 would now be worth about $357,304.80.
Is this number 100% accurate? Of course not, but it gives us a good idea of where the value could be. The value is really just what the market says it's worth AND what someone is willing to pay for it. So until we go to sell, we won't know the exact value.
If you want help with this calculation I've created this spreadsheet that you can use to easily input your numbers.
I love teaching and helping people learn and grow. I do also understand that some of this stuff is super boring to people (I'm talking to you honey, aka my wife). If you just want to know a good ballpark estimate on the value of your home I do have access to some high tech programs that can get you that information.
Just fill out the form below so I can look up your address, run it through the system and then we'll email you back within 24 business hours where we think your current value is at.
Again, the value we'll send you is still a ballpark. Until you try and list your home you really can't know the exact value of it, but hopefully these tools and this program will better help you with determining the value of the largest asset any of us will ever own, our homes.
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Now That You Know The Value Of Your Home...What's Next?!
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