How do I find out what the current market value of my house is?

[Guest Virginia Dawn]

ds's college wants to know, for financial aid reasons. I'm guessing it's so they can figure out how much equity you have available to tap :-P. I literally have no idea what it would sell for right now, considering the current market. Is there some kind of website that can tell you that?

[ConnieB]

ds's college wants to know, for financial aid reasons. I'm guessing it's so they can figure out how much equity you have available to tap :-P. I literally have no idea what it would sell for right now, considering the current market. Is there some kind of website that can tell you that?

 

I don't know if the information is really accurate, but on www.zillow.com you can plug in almost any address in the US and it will give you an estimate of the value. It seemed rather high for my home given the asking price for two homes for sale in the neighborhood, but those two homes are bank owned so that makes a difference maybe?

 

You could also contact a realtor and ask them for an estimate based on the homes sold in your area.

 

I would get several estimates and then use the lowest on the application if they're going to use it to penalize you for actually having equity in this market. While I understand their reasons, equity means very little right now because banks aren't loaning much right now, especially on equity in falling markets. At least here in our state.

[DesertDweller]

I have used Zillow to check ours over the last couple years. While I don't check it daily or weekly, I know that over a period of a few months it is updated to reflect the current values. You can see what they say and then also take into consideration the condition of your home and any improvements you may have done to make the value higher or lower than what they are showing for yours.

[HSMom2One]

I'll give my vote for Zillow.com too. We have followed our house value for the past three years with it, and interestingly enough -- the financial officer that handled the purchase of our home also used Zillow (along with sale reports of other area homes) to prove the value of our property to the underwriters of the loan.

 

Blessings,

Lucinda

[Chrystal]

All it gave me was the tax assessed value. The picture that it showed must have been more than 4 years old too because our house isn't even there. huh.

[KidsHappen]

I don't know if the information is really accurate, but on www.zillow.com you can plug in almost any address in the US and it will give you an estimate of the value. It seemed rather high for my home given the asking price for two homes for sale in the neighborhood, but those two homes are bank owned so that makes a difference maybe?

 

You could also contact a realtor and ask them for an estimate based on the homes sold in your area.

 

I would get several estimates and then use the lowest on the application if they're going to use it to penalize you for actually having equity in this market. While I understand their reasons, equity means very little right now because banks aren't loaning much right now, especially on equity in falling markets. At least here in our state.

 

 

 

Well, if si then I am in a world of hurt because Zillow is showing ours at about $30,,000 less than we paid. We bought the most expensive house in the neighborhood ans we just refinanced at a lower rate using that info complete with new comparison whic wouls mean our house has losy $30,000 in value in the last few months. They also have neighborhood slum house listed as the most expensive which I find hard to believe. Weird.

[HSMom2One]

It must vary for some reason because our Zillow estimate has always been spot on.

 

Go figure.

 

Lucinda

[newbie]

It must vary for some reason because our Zillow estimate has always been spot on.

 

Go figure.

 

Lucinda

 

:iagree:

[RoughCollie]

Our former home's price range was given on Zillow and I figured the range covered the condition of the house. It is now for sale at about $50K less than the lowest Zillow estimate, and I think it is correctly priced. It needs extensive landscaping, 19 windows replaced, gutters, a new driveway, and new flooring.

Edited March 10, 2010 by RoughCollie

[lionfamily1999]

You could also use your tax assesment.

[Crimson Wife]

You could also use your tax assessment.

 

If it's for financial aid purposes, I would go with the lowest number you can justify as reasonable. Often that'll be your property tax assessment.

 

Eppraisal.com and cyberhomes.com are other websites that list home estimates.

 

Zillow often will have large swings for no discernible reason. The house we just bought in December is now listed at $30k more than what we paid, while the virtually identical house across the street (we looked at both) has had its listed value drop by $70k in that time frame :confused: Either both should be up or both should be down.

[lionfamily1999]

If it's for financial aid purposes, I would go with the lowest number you can justify as reasonable. Often that'll be your property tax assessment.

 

Eppraisal.com and cyberhomes.com are other websites that list home estimates.

 

Zillow often will have large swings for no discernible reason. The house we just bought in December is now listed at $30k more than what we paid, while the virtually identical house across the street (we looked at both) has had its listed value drop by $70k in that time frame :confused: Either both should be up or both should be down.

They priced ours at more than double the assessment. If we could really get that much :lol: we'd sell in a heartbeat!

 

ETA, they being Zillow