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Free Tools To Determine A Property's Fair Market Value

Article writer - David Saba image

Proper valuation ensures you initial offer price is attractive and competitive.

Housing prices have stabilized in the last few months. However, the indications are that the values will steadily decrease or stay stagnant for a while. As a result, this would be a good time to let go of that property before it turns into a dud. Before selling a property, most people usually seek the opinion of a valuer. This is also a requirement by most financial institutions. In order to ensure you are getting a fair price for your property. It is important to get a second opinion.

Improper valuation could cause you to hold on to a property for months or even years before you get anyone willing to make an offer. Proper valuation ensures you initial offer price is attractive and competitive. It assists you to know what others in the same area are likely to offer for their homes. In addition, it ensures that you do not ask for a lower price than what your house is worth.

1. Zillow

This is one of the most popular online home valuation tools. It has earned the respect and trust of many people over the years for being reliable. This site covers about 100 million homes. It thus has a huge data set from which it draws its conclusion. However, many factors determine the margin of error. Even with the best estimates, Zillow can have an error margin of about 8 percent. Zillow allows you to add extra data to the site in order to see if the price of your home will rise or drop.

2. Trulia

This is an awesome tool for home valuation. All that you have to do is enter your home’s address accurately. The tool will give you a good estimate of what you should get for your home. Besides that, Trulia will be quite useful if you are seeking to purchase a property. It will you find a home in your state or across the country that is the right price for you. This app also allows you to see properties that have just been put on the market recently. In addition, the tool can allow you to see property trends in the city or neighborhood you want to sell or buy property.

3. Realtor.com

This site is one of the most credible sources of real estate data. This site is the official site of the association of realtors in the country. It has data from over 900 listing services. This service offers homeowners detailed reports about what determines the value of a home. It also has a lot of home improvement information listed here.

4. Bank of America

This is an awesome tool, which you will love in our house-selling endeavor. The bank collects a lot of data from its multiple customers located all over the nation. It makes this data available people free of charge. The tool does not provide an exact figure, it offers you a range of figures, as a bank, they always take into account a margin of error.

5. Real Estate ABC

It is one of the most accurate tools for estimating home value. A cool feature about this tool is that it allows you to choose the comps. After all, you know best which homes are similar to yours in your area.

6. Eppraisal

If you require more than home value before you purchase a property, this is the perfect tool. It will also give you demographic data of an area. This can be quite useful if you want your kids in a neighborhood with young kids for instance.

7. Reply

This is an awesome appraisal that features a nice and simple interface. Besides giving you the estimated price, it also gives you a confidence rating. This is determined by the amount of data it had in coming up with that rating. This is a nice way of knowing if you should trust the data.

8. ForSaleByOwner.com

You need to be registered in order to use this site. It uses a very complex algorithm to come with the estimated value of the home. Besides giving you the value of your home, it will show the estimates for homes around the area. It will also show you data on sales data from comps within your area. It seems like a reliable site, which offers a bit of extra information on what you should expect for your home.

9. Chase

If you are looking for ways to raise the value of your home, this is the best tool for that. It allows you to make modifications to the data on your homes and then it shows you how much it is worth. As a result, you can estimate if you will get value for money for making an improvement. It is especially important if you are on a tight budget and you would like to get a bit more from selling your home.

10. HomeGain

This is one of the best tools for home valuation. In addition to the value of the home, it will give home and census data. This is a great way of determining if you want to live in a certain neighborhood. It helps one to avoid unnecessary conflict that may arise due to age or level of education. It is always nice if you can find a neighborhood suited to your exact needs.

Getting accurate home valuation is never easy. If you want a loan from the bank or you want to buy a home, you need to go there with some facts on the property. This will assist you to negotiate a better deal. At times, you may end up paying too much or getting too little. Even with the property market not looking too bright, there is still a chance for you to get a fair deal. Besides these tools, there are many others. Try the all if you must.

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