What’s Your Home Worth - Really?

Many homeowners are curious about the value of their property and would like to find a reliable way to get an estimate.

Here are some tips on how to get the facts and not settle for a guess:

• Don’t always believe what you see at online-home valuation sites. On some sites, you can enter your address and a property value pops up. While these sites can sometimes be fairly accurate, research has shown that they can be way off the mark. The reason is that online-valuation sites primarily consider public records data such as tax assessments or listings for sale—not current, independent appraisal data. Plus, online-valuation sites can’t look inside a house to note major upgrades, such as a new kitchen or other amenities. A good rule of thumb: Don’t take a free Internet estimate to the bank.

• Not all appraisers are equal. The most reliable way to get a value estimate of your home is to use a professional real estate appraiser. Using current market data, knowledge of the area, a home visit and analysis of comparable properties, the appraiser arrives at an opinion of market value.
  
  Appraisers are hired by banks or mortgage brokers during a pending sale transaction. Homeowners can also hire their own appraiser as a check on the bank’s appraiser, or for assurance that they aren’t paying too much. Homeowners also use appraisers for home valuations when appealing property tax assessments, drafting wills, undertaking a major home renovation or dividing property pursuant to legal actions.

   

Another thing to remember is that not all renovations add value. A common misperception among homeowners is that remodeling and renovating cost equals value. Not every improvement will pay off come selling time. Remodeling a kitchen or bathroom may bring the greatest return on your investment, but some custom installations can actually detract from value. A good rule is to stick to what’s standard in your neighborhood and consider projects that add square footage to bring a house up to—but not beyond—community norms.

Courtesy of : The Kiper Team Offices:(636) 898-123, HOTLINE: (314) 729-1010 CLICK HERE to email us.