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Homeside: Your Modern Mortgage Blog

What is Your Home Worth?

Posted by Rachel Guthrie on December 6, 2016

Can you say with confidence what your home is worth?  Most people are somewhere in the ballpark but are not 100% sure. Why it is so important to understand how much your home is worth? Because when you want to refinance, it all comes down to your home’s value. You may have excellent credit and a picture-perfect financial profile, but if your home value is so low that you're pratically underwater, you won't be able to refinance. Similarly, if your value lowers your home equity, you may not be able to achieve the maximum benefits of refinancing.

Even if you are not currently planning to refinance, it is still a good idea to understand your home's value. First, you can attempt to guesstimate, based on the selling value of comparable properties, supply and demand in your neighborhood, how long houses around you are on the market, and their selling prices.

A similar home may have a value comparable to yours when they have these similar characteristics such as:

  • Lot Size

  • Square Footage

  • Home Style

  • Age

  • Location

Some individuals opt for an appraisal to get a clear picture.

Here are some areas that factor into your home's value:

  • The condition and age of your home's internal systems

  • Location

  • Desirability of Neighborhood and School District

  • Features: are there any exterior features that do not flow with the neighborhoods consistency

  • Curb Appeal: Exterior Amenities (garages, porches, decks, sheds, etc)

  • Functionality: interior layout and room design

  • Exterior & Interior condition

  • Lot Size

  • Energy Efficiency (heating and cooling systems)

  • Total number of rooms (and size!)

  • Improvements: anything done to make the house more modern, fresh, and new (ex: showers, flooring, plumbing, energy-efficient windows, roof, driveway, finished basements, etc.) 

What is my house worth?

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