As a homeowner it is important to know where your house is in terms of value, especially if you are planning to sell. It is also an important factor in the purchase of new homes. You can check home value by state through a number of online resources.
A two story, three-bedroom home in Utah may be evaluated completely different in Florida or California, which is why it is important to complete a search by state, rather than just by house type. Areas which are popular to live and large cities where certain styles of housing are difficult to come by, will generally be more expensive locations to make real estate investments.
Types Of Evaluation
The type of evaluation used can depend on where you live, which is why it is a good idea to search by state and community when shopping for real estate.
Real estate appraisal utilizes a number of factors to determine where a particular property sits in value. Some buyers will base their decision on cost alone; researching the price point on a brand new home in an area with similar or the same architectural aspects. This approach doesn't always work, as some homes will be worth more simply because there is no space for new homes to be built in a particular area anymore. This means that buyers must take what they can get, and the value of a home can skyrocket due to the forces of supplyl and demand.
Using the sales comparison approach, realtors and brokers will look at your house, the neighborhood it resides in, and estimate its value by comparing it to other lodgings in the area. This tends to be a more realistic approach to evaluating a property, but again, it has its pros and cons.
The evaluation will take into consideration things such as market value, investment value, and other details before landing on a number.
Searching Online
The internet age has made it quick and easy to get evaluations without needing to leave home. You can check home value by state on many real estate sites by clicking the state where you are interested in buying a home. Some sites will display the main cities in that state and give you an average home value, while others will allow you to narrow it down further.
This is a good way to get a basic idea, but will not truly evaluate a home the way that a professional service might. If you are buying to sell later on, it is important to follow up with somebody who can give you a more precise number, but for the purpose of curiosity and a basic breakdown of value, the internet is a great resource.
Growth And Loss
Not only can you see the worth of a house type in an area with a few clicks of the mouse, you can also see what kind of growth a certain market has had when you check home value by state. If the average value was $320,000 in 2014, but has dropped significantly in the last few years, you will be wary about that area. Similarly, if this value has seen growth, it is an indication that an area is thriving and could be a potential long term investment opportunity.