Figuring out the worth of a property can be a complex process. Fortunately, there are several ways to get an accurate estimate of a home's value. You can use an online valuation tool, hire an appraiser, consult a real estate agent, or compare homes in your area. Bankrate has been helping people make smart financial decisions since 1976 by simplifying the decision-making process and giving people the confidence to take the next step. If you're looking to sell your house quickly, there are ways to expedite the process.
You can opt to sell your home to a cash buyer, which eliminates the need to wait for financing to be finalized. Additionally, many iBuyer platforms will make you an offer within 24 hours and agree on a closing schedule that works for you. Offsets (or comparables) are similar properties that have recently been sold and are used by agents and appraisers to help determine the value of a home. You can use online home value calculators, a comparative market analysis, or an appraisal to get an estimate of how much a home is worth. Zillow's estimated home value is a great starting point, but it shouldn't be the only data you use when determining the value of a property.
Buyers should always do their research and take the time to figure out the market value of a home before making an offer. To determine the value of a home through offsets, three to five offsets are collected and grouped together. Knowing the current value of your home allows you to determine if your home insurance policy is still adequate for covering the property. Even if you and the seller agree on a price, the appraiser's valuation will determine how much money the lender will lend you for the property. The sales comparison method is most commonly used for residential real estate but can also be used for some types of commercial properties.Whether you're considering buying, selling, refinancing, or just curious, it's essential to know how to accurately estimate the value of a property.