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When fewer houses are being bought and sold, estimators have less sales data to rely on. However, PennyMac is another home value website frequently using outdated comparable sales to determine a home’s estimated value. On our test property, seven out of 10 of its comparables sold more than seven months ago.

Bank of America is a decent option for a quick home value estimate. However, its algorithm regularly pulls outdated home sales, so users shouldn't take its home values too seriously. Zillow says it updates its Zestimates multiple times per week, except in rare cases, when its updates may be interrupted due to algorithmic changes or new analytical features. Free home value estimators claim to know what your house is worth in today's market. But it's hard to tell which website is accurate, trustworthy, and useful.
How to prepare your home for sale
But it is worthwhile to accurately find home value as overpriced homes fail to sell and underpriced homes cost you money. In general, home-buyers should use lower percentages for more conservative estimates and higher percentages for more risky estimates. A 20% DTI is easier to pay off during stressful financial periods compared to, say, a 45% DTI. Home-buyers who are unsure of which option to use can try the Conventional Loan option, which uses the 28/36 Rule.

Clever’s Concierge Team can help you compare local agents and find the best expert for your search. Like the other platforms, you do not need to enter any personal information to get the free online estimate. RE/MAX also helpfully shows its estimate for the property compared to Zillow, Eppraisal and SmartZip. The Zillow Group bought Trulia in February 2015, so the Trulia estimates tend to be the same as Zestimate. Some people may prefer one over the other based on their preference for how the information is displayed. The primary difference is that Trulia shows a crime rate map while Zillow does not.
How We Chose the Best Home Value Estimator Sites
Home value estimators are primarily for sellers, but if you’re a buyer, you might get some use out of them as well. For example, you may want to compare the list price of a home with what a home value estimator says it’s worth. For example, we talked to Steven Nicastro, a real estate agent in Charleston, SC, who was able to point out homes he personally knew had suffered from recent flood damage. Because algorithms aren’t always aware of flood damage, these properties can skew an online home value estimate. If you’re trying to sell in a slow market, take any online home value estimator with a grain of salt.
Using either simple or compound interest aids investors in estimating how much a potential investment would be worth. At this point, the future home value calculator will be your best ally. See your estimated home value over time compared to homes in your area. Lastly, a home value estimator can help homeowners keep track of their home’s value over time.
Through Real Estate
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. Assessed value is the value assigned to your property by a government assessor in order to calculate your property tax obligations. It is different from — and often lower than — your home’s fair market value, which is what your house could sell for on the market. That’s why you shouldn’t use your home’s assessed value to determine a listing price.

Zillow helpfully indicates the home value change in the past 30 days and how it potentially could change in the next year. It will also publish recent tax assessment information, local schools, and provide a walkability score for the property. So if you are curious to know your home’s value, then using a home value estimator is the best way to do so. By using a home value estimator, you can get an accurate estimate of your home’s value and make sure that you get the best price when it comes time to sell or refinance your home.
Similar Homes Recently Sold
This is important for homeowners who are refinancing or selling their homes. It can help them determine how much money they can expect from their home sale or refinance. Obtaining an online estimate for your house using Zillow or Redfin is a useful starting point to find home value. Importantly, all online home estimates are based on incomplete data, and they are not as accurate as an appraisal from a real estate broker or appraiser.
An appraisal should happen much later in the process, and the buyer typically requests and pays for it as part of the loan process. Those wanting a sneak peek into how much their home is worth will find some of the most accurate results with the following sites. On the other hand, some of these factors have only become prominent in the past few years. It pays to stay ahead of the trends, and you should not shy away from using more than one of the tools above when evaluating a property. All-in-all, Ownerly is a very solid choice if you need accurate pricing data. The only drawback is that it is premium software, meaning you have to pay in order to access all the best features.
Even renovations — which algorithms do try to account for with varying degrees of success — can be hard for a home value estimator to judge accurately. Living in a hot housing market can make a home value estimator both more and less accurate. For example, two properties may appear to be the same to an algorithm, but if one has a renovated kitchen, that can add $20,000 extra to the list price. A common issue with estimator tools is that their assessments are based on how much “similar” properties have sold for near you.
Every street will have its own target market, which will also affect how the price range for the property is structured. As the old adage goes, it’s best to buy the worst house on the best street, and this is why. Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase.
Of all of the home value estimator websites, HomeLight is our least favorite and the only one we recommend actively avoiding. However, we found no evidence that Realtor.com’s value estimates are more precise than other options. Zillow’s — and its sister site Trulia’s — Zestimate is the most popular online home value estimator and the best overall. We give it a four out of five-star rating — among the best in the business, but not perfect. We connect with all the estimators online to give you a final number for your Property.
But it does deliver many helpful tools for homeowners, including home equity estimates and adjustable sales proceeds. A home value comparison tool also allows users to select specific homes in the area and directly compare specs and valuations. Users can feel confident that this platform will provide accurate home values. Online home estimator tools factor in your home’s size, age, construction type, and location to determine home prices estimates. Keep in mind that these home value estimator sites aren’t 100 percent accurate—they merely serve as a jumping-off point before taking a home to market or considering a loan.
Chase regularly uses outdated comparable sales to determine home values and often has the wrong basic information. But our research found that Redfin and Realtor.com carry slightly lower accuracy rates. While home buyers and refinancers need an appraisal, homeowners can also get one to help set an accurate listing price. Home value estimators use computer algorithms to determine your home value, relying on public information from tax records and local sales data. Chase Bank is another large national bank offering its users a free home value estimate.
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