The median home price on the property market in 1980 was $148,000. But in 2019, the median price rose to $309,000 — an almost 70 percent growth.
This doesn’t mean that all homes got 70% bigger and nicer. Instead, homes are worth a lot more today than they were decades ago. If you’re thinking about selling your home, it’s likely worth a lot more than you may think.
Keep reading to learn how to calculate home values using your computer.
- Zillow Zestimates
The easiest way to estimate home value is through Zillow’s Zestimates tool.
This tool uses a proprietary algorithm that combines both public and user-submitted data to come up with an estimate. It takes into account the main characteristics of the home and any unique features. In addition, it finds comparable homes in the area to help determine the most accurate price possible.
Even though this tool isn’t an official appraisal, it is quite accurate. It sees less than a 4% margin of error across the country.
- Chase Home Value Estimator
Chase Bank also offers a great tool for calculating the market value of a residence.
This estimator uses data from the millions of home values it has in its database. All you have to do is enter the address of your current home and click “Get Value.” The whole process is very straightforward.
Chase’s tool is even a great option if you aren’t interested in selling your home. For example, you can enter in your current home with improvements you have in mind and find out how much this project could increase your home’s value. The site also offers mortgage and affordability calculators, making it a one-stop location for all your housing financial estimates.
- FHFA House Price Index
The Federal Housing Finance Agency has a government-sponsored house valuation tool.
This tool is a little different than the others discussed. You enter the state the house is in, along with the date you originally purchased it and the purchase price. From there, the tool adjusts the price for today’s value using the housing market data from your state and inflation calculations.
Since this tool doesn’t compare your home with other homes on the market or that have recently sold, it can be less reliable. To get the best results, you can compare values from all three tools.
If this still doesn’t provide the results you’re looking for, contact a local realtor to see more advice. They’ll help you conduct an official comparative market analysis, which you can’t get with a simple click of your mouse.
Once You Calculate Home Value, You’re One Step Closer
Now that you know how to calculate home value, you have a better idea of what your current house is worth. Once you decide on a listing price, you can put your home on the market and wait for the right buyer to arrive.
In the meantime, you can also work on finding your new home. With that, comes applying for a new home mortgage. Visit the Finance section of this site for all the best advice on securing the best loan.