How much is my home worth? Free online home value estimate
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To be more transparent, the tool does indicate the level of confidence Homelight has on the accuracy of its estimation. The tool also shows recent properties nearby that have sold and at what price. However, it does not offer as much additional information as other platforms. As the user should expect, the Chase website funnels visitors to consider using them for mortgages.
That might not sound like much, but it can represent tens of thousands of dollars on a home sale. Plus, the error rate gets even worse depending on where you live, whether or not your home is already listed, how long ago you bought it, and whether it was recently renovated. If there are not a lot of homes in the area that have recently sold, then there is not a lot of data for online home value estimators to compare. When estimation tools provide a wide potential price range, this is also an indicator that there was not a lot of data. There may also be external factors why properties have not been sold recently, which you should investigate.
How We Chose the Best Home Value Estimator Sites
There are many home valuation tools online that you can use to give you an idea of where to start. We also considered factors that didn’t directly impact the accuracy of the estimators but could affect the user experience. For example, if a home value estimator required users to submit contact information and then used that contact information to spam them, we marked it down. Sometimes Zillow — and other home value websites — just doesn’t have enough data about a property to estimate its value. They don’t have much to do with getting you the best list price for your home.
Beyond finding out how much your home might be worth, you can also shop for homes in your area with the website’s consumer-friendly tools. Home value websites can be reliable, as long as you use them appropriately and understand their limitations. They can’t tell you exactly what your house is worth, but they can give a rough estimate. That being said, some home value websites give more trustworthy estimates than others. They may get their information from similar sources — often, public records and MLSs — but they have unique formulas, models, and algorithms to determine estimates. It’s worth noting that home estimators are not the same thing as a comparative market analysis or an appraisal.
Redfin
Understanding the value of the home is important if you ever want to sell, refinance or borrow against your home’s value. Most ways of determining your home’s value are more art than science. GoodFinancialCents.com has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own.
Redfinis another popular home value site, but unlike Zillow, they are a real estate brokerage, so you can work directly with Redfin to sell or purchase a home. Since they are a brokerage, Redfin has access to more information, making them one of the most accurate home value estimators available. Buying or selling a home is a big deal and having three home valuation estimates can be a helpful part of a successful transaction. Our high-quality RealEstimate℠ data is sourced directly from multiple valuation providers independent from Realtor.com and used and trusted by the lending industry.
Should You Pay for a Home Estimate?
CoreLogic® is an industry leader in automated valuations and provides AVMs tailored to specific use cases. CoreLogic® Total Home Value for Marketing is an AVM designed specifically to help consumers gain a better understanding of the value of a home. It displays the "Redfin Compete Score," which rates the market on a scale of 0 – 100 (with 100 indicating an extreme seller's market).
In addition to the property’s history, RE/MAX shows demographics for the community’s population. For example, it will indicate age range, households with children, and owners versus renters living in the area. This is a great feature in case you want to buy a home in a neighborhood with children so your kids can make friends nearby. Zillow has 110 million properties in its database, including FSBO’s. Overall, the Zestimate is a leader for the best home value estimator.
How Do Online Home Value Estimators Work?
Chances are, a realtor will be able to offer more insight into your local market than any online real estate tool ever could. Simply enter your address to get a range estimate for the value of your house. While this might seem strange, Chase Bank has their own home property value tool offered for free online. Simply enter your home address, your state, and your zip code to learn how much your home might be worth. If you choose to do a mortgage refinance and possibly pull cash out of your home, your lender will order an appraisal, and a person will put a value on your home.
For example, you can calculate an average home value from the top five estimators on our list. Launched in 1996, Realtor.com is one of the oldest and most popular websites for home listings. Like many of its competitors, the website also provides users with a free home value estimate. To be fair, many other home value websites also use outdated comparable sales to calculate home values, so this issue isn't specific to Redfin.
Once you reach the website, you can enter your home address and learn how much your home might be worth. Instead of offering a Zestimate, however, Trulia offers the average listing price for similar homes in your area. Using a home’s value estimator can be tricky because these sites don’t include renovations you may have recently made to your home. To get an accurate estimate of your home value after renovation, you should consider using an ARV tool. Such a tool helps determine how much ROI your home improvement projects will yield. However, you will need an accurate appraisal from a certified appraiser when refinancing your home.
Zillow helpfully indicates the home value change in the past 30 days and how it potentially could change in the next year. It will also publish recent tax assessment information, local schools, and provide a walkability score for the property. A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently been sold. Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error. Assessed value is the value assigned to your property by a government assessor in order to calculate your property tax obligations.
If you’re selling your home, the buyer will typically foot the bill. Each tool has its parameters to determine a property’s value, so you’ll likely get different estimates of varying accuracy from each website. Since many input sources go into each calculation, property value estimates can vary from one source to the next. Although no automated model is 100 percent accurate, viewing data from multiple sources gives you a more complete picture of a home's potential value.
Unlike Zillow, Redfin, and Realtor.com, Bank of America doesn't allow users to save their home value. Use other websites if you want to receive regular property value updates. Realtor.com's website is one of the easiest to use among those we tested. We received home value estimates on several properties within minutes, without having to provide the site with a phone number or email address. Zillow is a good starting point for homeowners who need a rough estimate of what their home might be worth in the current market.
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