Home Value Estimator information
How to estimate home value
There are a few ways to estimate the value of your home:
- An online home value estimator: Using online tools like the Chase Home Value Estimator can help to provide an estimated value for your home based on data about the home and recent sales in the area.
- Comparative market analysis (CMA): Real estate professionals often conduct CMAs to assess the value of a home. To obtain a CMA, consider reaching out to a local real estate agent. Many agents offer CMAs at little or no cost.
- Hire an appraiser: For a more in-depth and personalized approach, it may be worth considering a professional appraiser. Home appraisers are trained professionals who conduct appraisals and CMAs, providing a detailed report explaining their valuation of the home.
Using the Chase Home Value Estimator for a property value estimate
By entering an address and clicking the search button, Chase’s Home Value Estimator taps into millions of home records in its database to provide an estimate of your current or prospective home’s value. The estimator can often show the year your home was built and its square footage. You can adjust the home’s variables to see how they impact the estimate. A homebuyer might use the estimator to compare the home to other properties they’re considering or to help weigh the seller’s asking price. Similarly, a homeowner might use the calculator’s home value estimate to gauge the current market value of their property.
How much is my home worth?
For many homeowners, especially those actively looking to sell, this is the million-dollar question (so to speak). Home value is based on several key factors, some of which may change over time:
- Housing market: Current market conditions tend to significantly affect your home’s value. In a seller’s market, where there are more buyers than sellers, your home’s value is likely to go up due to increased demand and limited supply. Conversely, in a buyer’s market, where there are more homes than buyers, your home value may decrease.
- Location: Location plays a major role in determining your home’s value. Proximity to good schools, public transportation, shopping centers and desirable locales like beaches, mountains or places with a robust job market could all help contribute to a higher home value.
- Age and condition: The age and overall condition of your home plays a role in its value. An older, outdated home might be valued less than a new or updated one, depending on buyer preferences.
- Size: While location is key, acreage, number of bedrooms and bathrooms, square footage and number of garages can all impact your home’s value.
- Similar homes: The price of comparable homes in your neighborhood, also known as "comps," can potentially influence your property value as well.
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