What's My Home Worth

If you own a home, you may be considering selling or refinancing it. Before you take any steps in this regard, you need to ask "Whats my home worth?"

What's My Home Worth

Figuring out the value of a home involves calculating a number of factors. It can get a bit overwhelming, but I will explain it below. If you prefer to let someone else do it, you can get your home worth immediately online by clicking the following link. This is the company mortgage lenders use to get reports on the value of homes. Yes, the actual report. Unlike the lead services out there, you will not be inundated by a million real estate agents trying to get your business. 

For those of you that like to do the work yourself, determining what your home is worth is a multifaceted approach. On one hand, a home is worth whatever someone is willing to pay for it. If you are looking to sell or refinance, however, that is not a very good guideline.

To objectively determine what you home is worth, you need to take a large number of factors into consideration. They include:

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1. What are comparable homes selling for on your block or within three blocks at this time?
2. What did comparable homes sell for six months ago?
3. What did comparable homes sell for 1 year ago?
4. How long does the average comparable home sit on the market before selling?
5. What substantial improvements have you made, are there comparable homes that have done the same and how was their sales price impacted?
6. Are there any foreclosures in your area?
7. Is there any current or planned public works for the area such as a new freeway?
8. Is there open land near you?
9. What is the appreciation rate for your neighborhood for the last 3, 6 and 12 months?
10. Are lots of homes in your neighborhood for sale or only a few?
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All of these factors contribute to the worth of your home. You want to start with the sales price of comparable homes in the last three months. Looking back a year, have prices risen or fallen on the sales - adjust your price accordingly. Next you need to determine if houses sitting on the market for longer than the previous six months which is a sign prices are or will be dropping.

As you can see, this gets technical. If you really want to know what your home is worth, just click the link.

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How to Get Free Building Replacement Cost Estimates

You can usually get a free building replacement cost estimate by calling a local independent insurance broker who represents insurers that specialize in providing property and casualty insurance coverage for residential and commercial buildings. When you call a broker, tell them that you want a replacement cost quote. Property replacement costs are calculated by using a replacement cost formula that's based on the property's geographical location and its:

1. Street address.
2. Age.
3. Type of construction.
4. Number of stories.
5. Type of roof.
6. Current use.
7. Heating and cooling system.

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8. Square footage.

Use the Eight-Step Approach to Estimate a Property's Current Market Value

Use the following eight-step approach and the current value worksheet on the following page to get a rough estimate of a potential investment property's current market value:

Step # 1: Log onto your county's property appraiser or assessor's Web site to obtain the tax assessed value of the property under consideration.

Step # 2: Search your county's property tax rolls for recent sales of three to five properties that are comparable in size, amenities and features, and located within two miles of the property under consideration.

Step # 3: Carefully analyze any comparable properties that you find, and make sale price adjustments for differences in amenities, special features and the property's physical condition.

Step # 4: Verify the income and expenses that are listed on the income and expense statement of the property under consideration.

Step # 5: Analyze the property's income and expenses for the past twelve months to estimate its net operating income potential.

Step # 6: Calculate the property's capitalization rate by dividing its potential operating income by the estimated value that you derived from analyzing recent sales of comparable properties in step number three.

Step #7: Estimate the property's value by multiplying its net operating income by the capitalization rate you came up with for the property.

Step # 8: Calculate the cost of replacing the improvements on the property using the same building materials and method of construction.
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Quick Ways To Sell a House

Every homeowner is looking for quick ways to sell a house. It is just a fact of life and to be expected. Of course, the real question is how you achieve your goal!
Quick Ways To Sell a House

Once you decide to sell your house, you want to move it quickly. That may sound like an assumption on my part, but I have yet to meet a seller who wanted to wait months and months before accepting an offer. Admittedly, they are probably out there, but you are not one.

So, let's cut to the chase with the following tips on quick ways to sell a house.

1. Don't worry about major upgrades. This can be expensive and time intensive. Worry about quick changes that will make major visual improvements. We are talking touch up paint and landscaping.

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2. As moronic as it sounds, clean your house! And the garage! And the side of the house you haven't visited in a few years! And the closets! And the garage again! Have the carpets professionally cleaned. Heck, have the entire home professionally cleaned. You want to aim for the look of a model home in a new development.

3. If you have children, a battle may be required. I am talking about their rooms, the place where few parents are willing to tread. Posters on the wall come down. Now. Beds made, clothes in the hamper. Yes, the closets must even be organized. I fully realize this may sound like Mission Impossible IV, but it must be done. Threats and bribery are highly recommended to achieve the desired results!

4. If you have pets, they belong outside. No, I am not against pets. The issue is their hair on the carpet?the couch...and so on.

5. Smell is one of our senses that figure into our impressions more than we realize. If you are going to be showing the home, get flowers, candles or cook something mouthwatering before the potential buyer arrives.

The above represent common sense tips on quick ways to sell a house. They will help you close that deal, but there is one area that is the key to really moving a house quickly - the price.

The quickest way to sell a house is to list it below similar homes for sale in your area. It is that simple. Buyers are looking for a steal. Generally, this translates into buying the cheapest house on the block with the intention of upgrading it and reaping equity gains. Some get around to the upgrades, some do not. Regardless of the condition of your home, the key to moving it is price.

See, there are quick ways of selling a house. Most of the steps are based on common sense. As to setting a price, you want to be below the homes in your area. How far below depends on how quickly you want to move the property.