While comparable sales are also used by appraisers to appraise your home, they are not the same as fair market value. A licensed appraiser examines the location, size, and condition of your home, as well as any improvements you’ve made. When a borrower buys or refinances a home, only the appraiser’s opinion is considered by the banks. The assessed value, on the other hand, is used by the county to calculate your property tax. Tax assessors compute the assessed value based on the appraised and fair market value, home upgrades, whether you earn income from the property, and any tax exemptions. The assessed value is often lower than the fair market value. Consult your Illinois Star REALTOR® for more detailed information here.

How to figure out your home’s value. You can use an automatic value auto estimator by going here. Many internet sources can help determine a home’s worth. An automated valuation model is an online tool that uses publicly available data to determine a property’s value. Because different auto-estimators use different methods, estimates may vary. The value of your property is determined by an algorithm that considers the number of bedrooms, square footage, location, and market activity. It ignores recent modifications, the home’s condition, curb appeal, and external issues like road or train noise.

You may get a cash offer from an iBuyer. Both a home value calculator and an iBuyer firm may provide sellers with an estimate of their home’s value, although both are usually wrong. The home value calculator informs you inaccurately of how much your home is worth, while the iBuyer firm offers to purchase it for this amount less 25%. In general, that is their business model.

Request a FREE house market value appraisal (CMA) here. Home value market appraisal is not instant, but it is done by a licensed, experienced professional, and it’s hardly ever wrong. If you’re selling your home, Illinois Star Realtors will provide you with a FREE market appraisal (CMA). To complete a written value report (CMA), the agent gathers data from nearby comparable sales. Illinois Star Realtors agents use their local expertise and your property’s unique features to determine its value. Illinois Star Realtors agents representing a buyer can do the same when preparing offers. Illinois Star Realtors agents have the tools to dig deep and uncover a truly fair market price. Illinois Star Realtors monitor the market, inspect homes, and understand the neighborhoods, all while utilizing data and experience to make key decisions.

For Sale by Owner. 

Your county’s or municipality’s auditor’s website should be checked as well. Those who wish to know how much their home is worth from a tax standpoint should use this tool. Residential property values are periodically assessed by county auditors and are publicly available online. You may check your home’s assessed valuation and compare it to comparable properties for sale to determine its accuracy. Find your way to the county records here.

Use the FHFA House Price Index tool to spot trends. Those curious about local property price patterns over time should check the FHFA’s House Price Index (HPI) calculator. It will give you another perspective on value. The tool uses historical mortgage data to estimate the value of properties in your state or metro region based on the rate of appreciation of all homes in the area over time.

Engage the services of a competent appraiser. Homeowners are looking for the most accurate appraisal of their property’s market worth as seen by the lenders. Loans are approved only when an appraiser certifies the property is worth the price offered for it. Some sellers hire a bank appraiser preemptively. Like a real estate agent, the appraiser evaluates the property’s features, such as the number of bedrooms and bathrooms, as well as comparable sales. Ask your Illinois Star REALTOR® for assistance here.

The value of my house has increased. What should I do? Many variables can increase your home’s value. Home prices have risen due to a lack of supply and increased demand driven by historically low mortgage rates. If your home’s value has risen, you have many options. Refinancing at a higher appraised value can help get rid of private mortgage insurance or escrow and will save you money. Ask your lender to terminate your private mortgage insurance (PMI) when your home’s value has increased to the point where you have 20% equity.

Check your homeowner’s insurance coverage. The cost and coverage usually depend on the value of your property. If it went up, make sure you’re well covered. It’s crucial to check your property’s value with your insurance agent annually. With increased equity, you can use a home equity loan or a cash-out refinance to fund a repair or remodeling project. Determining a home’s value is important if you’re considering taking out a home equity loan, a home equity line of credit, or a cash-out refinance.

You may want to sell your home. Although you may profit if your home’s value has risen significantly, you should still carefully examine if it’s the ideal time to move for you and your family, whether you can relocate into a new home soon, and how you’ll pay for it. Making modest repairs and organizing your house will always assist in improving the sale price. Illinois Star Realtors will be happy to help you make the right decision.

Short sale.

The value of my house has decreased. What should I do? While property values have generally risen, other external variables may cause prices to fall. The value of a property can be affected by factors like local politics, climate change, transportation, and employment opportunities. If values continue to decline in your area, selling may be a sensible decision. Contact Illinois Star Realtors. We will be happy to help you make the right decision. Property values are affected by the current economic conditions and the availability of housing on the market.

What influences the value of a home? The value of your home can be affected by a variety of factors, such as location, age, upgrades, quality of local schools, availability of public transportation, distance to expressways, area health care facilities, shopping, restaurants, etc. Other factors like the local housing market, economy, interest rates, and tax rates also have an overall influence on property values.

Expired listing.

How frequently should I verify the value of my home? It is a good idea to evaluate your property value at least once a year for a variety of reasons. For example, knowing the current market worth of your house helps you assess the suitability of your homeowners’ insurance coverage.

Your tax bills are also influenced by the value of your home. If your area is in decline, you might be able to get your property tax reduced. Knowing your property’s valuation can also help you determine your amount of equity, which may allow you to qualify for a home equity loan, line of credit, or cash-out refinancing. Understanding your home’s value is critical if you want to sell it. You will be in a better position knowing where you stand with purchasers and what you may expect to net at the closing table.

Best time to sell a house.

What can I do to increase my home’s value? You never get a second chance to create a first impression. The curb appeal of your home makes a big difference. Cut your lawn, trim bushes, and add some new plants or flowers to make your property appear more pleasant and clean. A new coat of paint on the inside or outside of your home will more than pay for itself. This is one of the cheapest methods to increase your home’s value. Renovating a bathroom or kitchen might also help increase your home’s value. To update these rooms, replace an old sink, tile, or light fixture. Installing a new garage door is also beneficial. According to statistics, a new garage door may boost property prices by 5%. Outstanding curb appeal matters the most. Consult your Illinois Star Realtor for more detailed information here.

In conclusion, there is no way to know if a chosen house appraisal technique is right for you. That’s why consulting an experienced broker from Illinois Star, Ltd. REALTORS® will give you a better idea of how much your house is really worth. You might, for example, receive a free CMA and do your own research utilizing an online home value estimate, the FHFA calculator, and the county tax assessor’s website. You might also pay for a professional bank appraisal if you choose. Averaging all of the final numbers may provide a more accurate picture of your home’s worth.

The list of basic seller services provided by Illinois Star, Ltd. REALTORS®

Illinois Star REALTORS® professionals take the time to properly evaluate your property based on a range of criteria and provide the most trustworthy home value estimates. All of these tools can help you estimate the value of your house, but an appraiser or an experienced agent from Illinois Star REALTORS® will be the most accurate. A machine cannot evaluate intrinsic worth or consider the condition and upgrades you’ve made. A skilled Illinois Star REALTORS® specialist will help give you the upper hand.

Always work with a REALTOR® who has your best interests at heart.