How to Estimate How Much Your Home is Worth

    There are thousands of home estimator tools and calculators across the internet but these tools are not always accurate. They can be helpful in determining a loose price range, based on a variety of algorithmic data, but when it comes down to listing your home at a price that it can actually sell for? It’s time to get a home appraisal.

    What is a home appraisal?

    In short, a home appraisal is an objective way of assessing a home’s fair market value. This unbiased estimate is always requested by lenders during the mortgage loan process to ensure the loan amount is appropriate for the home’s true value. But to secure a smooth selling process, it is recommended to have a home appraised prior to listing it. This will help you list the home for a realistic price and prevent any surprises in the buying process aka attempting to sell the home for more than a bank will loan on it, making it difficult to find buyers.

    What does a home appraisal report on?

    An appraisal takes into account the condition of a property, it’s location, and recent sales information for similar homes in the area. It reports fair market value while also considering a home’s age, lot size, location, square footage, and the number of bathrooms/bedrooms. Appraisers are not evaluating the interior design or anything that is not directly related to the home’s condition and characteristics.

    Who can appraise my home?

    Only those licensed/certified for home appraisal in the state of Utah can appraise your Utah home. These

    professionals undergo numerous tests as well as extensive training, have on-the-job experience and must continue their education to get and maintain their appraisal licensing. Appraisers are unbiased and their appraisal reports are impartial, only reporting on their findings that could influence a home’s value.

    How do I estimate how much my home is worth?

    Feel free to use the free online tools to very loosely estimate how much your home is worth but to get an actual fair market value, hire a professional appraiser. We work with several professional appraisers that we can recommend. Contact us to learn more.

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