The value of a property is crucial in real estate. It can guide one’s decisions when entering the real estate market or when considering buying, selling, refinancing, or investing in a home. As one initiates this journey, knowing the home value by address can give the individual more information about the property. There are different tools to determine the price of the home, each with unique benefits and features that can enhance the process.
Understanding location and a home’s value
The value of a home may change based on city and state and also with the specific location of an individual home. For instance, a house close to a train stop might have a higher value because of the perceived ease of commuting. Additionally, a property built on water may also carry a higher value since it has easy boat or beach access. This is why most real estate agents may start with the location of the property when trying to evaluate a home’s value.
Some top tools can help determine the value of a home by its address. These tools also have other features that a user might appreciate.
Zillow
The company is known for the Zestimate tool. It provides an estimate of a property’s current value. The tool uses a mixture of public data, proprietary algorithms, and user-submitted data to calculate estates. The tool also reviews market trends and comparable properties to reach its conclusions. One might prefer Zillow for its ease of use, allowing even those new to the market to enjoy its feature set. The tool also has other real estate services that can support some buyers or investors.
Trulia
While users prefer Trulia for reviewing home values, it can also offer detailed insights into specific neighborhoods. The information might provide an idea for buyers exploring new towns or cities for the first time. Along with learning about the value of a home by address, one can also stay informed about other factors that influence the quality of life in an area, such as the schools and entertainment opportunities. One can even explore other minute details like how pet-friendly various areas are and whether the neighbors may set up holiday decorations.
Redfin
One can search for homes on Redfin’s pages and explore specific neighborhoods of interest. The tool gathers data from multiple listing services (MLS). This allows the home values for active properties to be accurate. Redfin also offers a simple interface but is ideal for those interested in luxury real estate markets. So, someone interested in buying, selling, or investing in high-end properties may find Redfin’s search tool useful. While one could look for properties with ease, individuals new to real estate could also work with one of Redfin’s real estate agents to navigate the market.
Realtor.com
This tool can help one gauge home values from multiple sources of data. It enables the algorithm to come up with accurate estimates, even for properties not currently active on the market. The real estate website also lets users connect with industry experts, seek advice from them and begin their buying/selling journey. One could also request for showings of specific properties of interest.
CoreLogic
This home value estimator is designed for use by professionals and can help determine the value by address and other factors. It was built for realtors and lenders who want to track local market conditions. Real estate agents may use CoreLogic because it offers highly accurate, detailed reports and professional-grade insights into the value of a home. However, one may have to pay a fee to access the tool’s unique features.
Tools from financial establishments
One can even use home value estimator tools offered by financial establishments, like banks and credit unions, to determine the value of a property by address.
Chase Home Value Estimator Tool
The bank offers a Home Value Estimator tool that can simplify the search for specific addresses and find their value. The tool can support buyers who need to secure mortgages and owners who wish to refinance. The Home Value Estimator also offers financial insights that distinguish it from other real estate websites. The reason behind this is that the data comes from the bank’s perspective. The tool from Chase also connects one with potential lenders who can guide one through the buying and refinancing processes.
Bank of America Instant Home Value Estimate
One of the top features of this tool is its ability to provide instant home value estate. In addition to supporting buyers considering their mortgage needs and homeowners who want to refinance, Bank of America also uses the tool to help homeowners who want a home equity line of credit (HELOC). One should note that the metrics offered do not directly reflect the value of a home by its address and are not formal appraisals. Instead, they are designed for research purposes only.
Other factors that influence property value
In addition to the address, other factors may affect the value of a home.
Size of property
A large house may have a higher sales price. The agent may check the square footage and the number of bedrooms and bathrooms in the home. Further, an expert may also inquire about additional features, like a gaming room, home office, or laundry areas.
Condition
If two exact houses are built next to each other, they could have different values based on how well-maintained they are. The one that is in good condition may see a higher value. A buyer may also consider the home’s condition before buying it.
Age
The age of a home may influence the price significantly. Buyers prefer new homes that do not require repairs or upgrades. However, this is situational, and some old homes may sell for more than newer counterparts because of their design and other factors like the history behind them.