How Much Is My Home Worth?

Why use a home value estimator tool?

Knowing the estimated value of your own home helps you price your home for sale, as a precursor to an official home appraisal. Understanding your home’s worth allows you to estimate the proceeds of a future home sale, so you can get a better estimate your budget for your next home. And, if you’re shopping, it’s also useful to check the value of homes in the area to ensure your offer is competitive.

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What is Home Equity?

Home equity is determined by subtracting the amount you still owe on your mortgage from the current market value of your home. It will tell you how much you could make from selling your home, or how big of a home equity loan you can take out. Your home equity will increase as you pay off your loan, or as your home increases in value.

Here’s how to determine home equity:

1. Find your home’s current market value.

The price you paid for your home may not be the current value of your home. To calculate your home equity, you will need the most up-to-date estimate on your home’s worth.

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2. Subtract your mortgage balance.

Once you have the current market value of your home, subtract the amount you still owe on your home mortgage and related loans from the estimate. This will reveal your current home equity.

3. See what you can earn.

Regardless of your home’s current market value and your outstanding loans, you’re guaranteed to save money if you work with the right real estate agent. Contact me to refer you to one of the outstanding agents in our network.