How can I find out what my home is worth?

Zillow will give you an estimate of your house, but often those are much higher than you can actually receive if you want to sell the house.  When realtors list your house, they have to base the sales price on the current market value of the houses in the neighborhood – Zillow (http://www.zillow.com) doesn’t take into account special features of your house or other houses nearby.

A real estate appraiser’s job is to assess the market value of homes based on other, similar houses (called comparables).  Appraisers will consider not only size, location, special features, etc, but will also take into account previous and recent sales in that neighborhood.  The challenge of finding your home’s value comes in when it’s not typical for your neighborhood – for example, if your house is the only one next to the lake or happens to be the largest in the neighborhood, then you might have trouble receiving the amount of money it would be worth if other houses in the neighborhood were more similar.

If you’re hoping to refinance your home, you’ll need an appraiser’s valuation.  If you simply want to have some ideas for prices at which to list your home (especially if you’re hoping to sell if yourself, without a realtor), then Zillow might give you a starting point.  In today’s real estate market, selling a house isn’t easy (in many states), and you should be aware that you’ll probably have to price your house lower than you think it’s worth.  That’s where a real estate appraiser can help.