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Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. Professional home appraisals consider various factors to determine a home’s value, including size, location, condition, upgrades and local comps (or what other, similar homes nearby have sold for). Any number of factors might affect the value of your home, including the neighborhood you’re located in, the size of your lot and the age and condition of the structure itself. For example, knowing about how much your home has appreciated in value can help you determine how much equity you’ve built or whether you’re being overcharged for property taxes.
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How your home's value is calculated with Bankrate's AVM
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. An online home valuation tool such as this one (sometimes called an automated valuation model, or AVM) is a useful starting point for figuring out how much your house is worth. These tools use computer algorithms to analyze publicly available data and come up with an approximate value for your property.
Fair market value
There are no guarantees that you’ll sell for the amount you see, but the results can give you a solid ballpark idea of your home’s approximate value. This is what your property taxes are based on — the dollar value of your property as determined by your area’s local tax assessors. It can go up as your home appreciates in value, but it is typically lower than the amount the home could actually sell for. There are three main types of home valuation, and all might assign slightly different dollar amounts to the same house. For example, the same home may have an assessed value of $300K, an appraised value of $395K and a fair market value of $400K. It’s a question every homeowner wants to know the answer to, especially if you’re thinking about selling.
What kind of information does Bankrate use to calculate my home's value?
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