Why is it important to know how much my house is worth?
For many different reasons. Your house is likely your biggest investment and
most valuable asset. Just as it is important to know how much money you have
in the bank, it is also important to know how much money you have tied up in
your house. And just like you can withdraw money from your bank, you can take
money out of your house by knowing how much equity you have in it.
How do I check my home's worth?
Just simply file out this form, and a real estate
professional will contact you with a value assessment for your house.
What determines what my house is worth?
The value of your home is based on what a Ready, Willing, and Able buyer will
pay for your home. This is based on many factors such as location, age, size,
and features. The real estate market is local. Unfortunately there is no
central index of what a 3 bedroom 2 bath house with a pool goes for across the
country (or even across town).
Even if I find that my house has doubled in value since I bought it, I can.t
sell it. Where will I live?
That is a very valid concern. Some folks finding themselves in particularly
hot markets realize that they could not afford buy the house they live in if
they had to purchase it again. They may decide to sell it and use their equity
to purchase a comparable home in a cooler market. In some extreme cases the
home they sell has gone up in value so much that the proceeds of the sale lets
them buy their new house outright.
If I call the number on the .We Buy Houses Fast. sign, they will tell us what
our home is worth, right?
Many of the signs reading .We Buy Houses Fast., or .Sell Me Your Ugly House.
are by real estate investors wanting to buy a house and less than market value
and sell it quickly at a profit (also known as flipping). When dealing with
those folks, it is best to know your home.s worth before accepting any
offer.
Do VALUE and PRICE mean the same thing?
Value and Price are different concepts. When someone refers to the value of a
property, it generally means fair market value or what someone would be willing
to spend to purchase the property assuming the buyer and seller are under no
external pressure to buy or sell that particular property.
In an open and competitive market, the selling price for a piece of property
tends to be fairly close to its value. There are exceptions to the rule, such
as with transactions between family members.
