Using Online Resources to Determine Your Home's Value

By Karen Lawson
Local Lender Columnist
Apr 21, 2008
You're wondering what your home is worth. Even if you're not planning to sell your home, knowing what it's worth can help you consider taking advantage of home equity financing. Websites for mortgage lenders, real estate companies, and other entities provide a variety of free calculator tools for getting an estimate of home value. Florida real estate professionals can provide current information for your neighborhood and home.

Location, Location, and Point of View

Depending on your reasons for needing a home value estimate, you may be given different figures. If you buy a home or are applying for home equity financing, your mortgage lender needs to verify your home worth as part of its loan approval process. Your home acts as security for home equity and other mortgage loans, and your lender is required to document your home's current value.

On the other hand, if you're selling your home, you'll want to know its value so you can list your home at an appropriate price. No matter what your reason for wanting to determine home worth, you can start with online calculator tools that can give you a broad estimate. These tools are designed to be used for rough estimates only. Homes with identical floor plans in the same neighborhood can vary considerably in value. Location, environmental influences, the condition of your home and those surrounding it can influence your home's actual value. Another aspect of home value calculation is considering real estate market trends in your immediate area. As always, the laws of supply and demand can significantly influence how much your home is worth.

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.