Home Evaluation

Using a home evaluation tool, such as the Better Estimate home-value estimate calculator, gives you a reasonably accurate value of your home under current market conditions. The estimate that is generated using the street address you input is based on public data, such as how many bedrooms and bathrooms your home has, as well as market trends. To better understand how your property’s value measures up to other houses in the same area, you can compare your house’s estimated value with that of houses in the area that have recently been sold. Getting an appraiser to have a look at your property is a good idea because they will be able to give you an objective estimate, taking into consideration detailed factors such as location and special features, when valuing your home, as well as conducting research into the local real estate market.

The accuracy of the estimate depends on the accuracy of the public data currently available. The estimation is determined by recent sales and listing prices in the vicinity of your home. The estimate does not take into consideration market trends.

Yes, home values are continuously fluctuating due to market trends and buyer demand. Properties tend to appreciate over time but the main factors that influence the value of homes are the housing market, the home’s historic sales price, and the age and condition of the home. Some of the other factors include increasing interest rates, high unemployment due to an economic recession, and a drop in bank lending and availability of mortgages.

Besides the real estate market factors that are uncontrollable, there are many things that homeowners can do to increase the value of their homes. The age and functionality of systems in your home such as water heaters, HVACs and air conditioning can easily influence your home’s value. If you’re looking to increase the value of your home, conducting renovations and upgrades and maintaining it from both a structural and aesthetic standpoint are good ways to go about it. Some of the best upgrades to easily increase your home’s value include installing energy-efficient windows, repairing roofs and installing a new HVAC system.

It’s a good idea to have an understanding of the factors that could be bringing down the value of your home. Sometimes the real estate market and economic conditions influence the value of your home, but there are other factors within your control that may also have an impact on your house value. These may include deferred maintenance, poor exterior paint quality and yards in poor condition. By making sure that these factors are taken care of, you will be able to improve the value of your home, or at least, ensure that it doesn’t decrease.