When it comes to selling, it’s important to determine how much money your home is worth. Fortunately, over the past years, a myriad of online resources have emerged to provide homeowners home estimates. Several different factors contribute to your home’s value, including market trends, neighborhood “comps,” or comparable homes, unique features of your home, and which data is included in the calculation. As a result, these online tools serve as just estimates and should be treated as such. They cannot guarantee a value, especially as they don’t take into account the negotiation skills of sellers and buyers or how recent updates have increased the value of a property.
In addition, online tools use data that’s available to the public. Data used is proprietary, and what data is available also influences estimation accuracy. In this regard, estimates may be different depending on what data methods or tools are used.
With this in mind, estimates are helpful, serving as a baseline. Here are some online tools that can help you estimate your home’s value.
Zillow: With Zillow’s Zestimate, your house’s value is calculated from public and user-submitted data that analyzes location, market conditions, and special features. Zillow also features a Zestimate forecast, a prediction of the house’s Zestimate value one year later.
Redfin: Redfin allows you to estimate how much your home is worth through a free home report. This report shows listing information from the comps analyzed to arrive at your home value. In addition, Redfin also enables you to request a professional estimate with one of its agents.
realtor.com: With realtor.com’s tool, you can track your home’s evaluation, mortgage, and equity. For easy access, the information will display as a graph and show you your home’s progress over time.
Chase: Chase provides a home value estimator tool offers a database of millions of home records to calculate their best valuation. As a result of its database, it’s able to provide information on neighborhood trends and houses that have recently sold.
eppraisal.com: Using your home records, and information on recently sold properties, eppraisal.com’s home value estimator calculates your home’s market value. With the tool, you can receive instant home value estimates, as well as view current listings and recent sales in your area.