What is My Home Worth? – A Checklist for Calculating Your Home Value

Are you curious about how much your home is worth? Whether you’re planning to sell, refinance, or just want to know, determining your home’s value can be quite the adventure. According to stats published in 2023, The median sales price of homes in the United States during Q2 of 2023 was about $416,100.

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If you recently inherited a home, are thinking about selling your current home to move to a nicer neighborhood, or are simply curious about your home’s market value but don’t know where to start, we’ve got you covered. This blog will guide you through the process. Let’s dive into the key factors that influence your home’s value and create a checklist to help you calculate it.

Factors that Influence Your Home Value:

home value

1. Location:

 The location of your home is one of the most significant factors affecting its value. Buyers often prioritize neighborhoods with good schools, low crime rates, and convenient access to amenities like shopping centers, parks, and public transportation. 

We all know that homes in desirable areas are often more expensive than those in less desirable areas. Homes in areas with high demand can also appreciate in value more quickly. For example, in Atherton, a well-known neighborhood where many of Silicon Valley’s elite live, an average home costs around $2 million. However, if the same size home is in Fresno, CA, just 163 miles away from Atherton, it would cost about $383,000.

Checklist:

  • Is your home located in a desirable neighborhood?
  • What is the quality of local schools?
  • How close are essential amenities like grocery stores, hospitals, and public transit?
home value

2. Size and Layout

The size of your home, including the number of bedrooms and bathrooms, significantly impacts its value. Larger homes with more rooms tend to be worth more. The layout also plays a role; open and functional floor plans are highly sought after. 

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The size and layout of a property play a crucial role in determining its potential for upgrades and renovations. Properties with generous square footage and adaptable layouts often offer greater opportunities for expansion or remodeling, which can significantly increase their value. It’s important to note that the average price per square foot varies across different states.

A 2023 study published on Yahoo Finance revealed the average cost per square foot of homes in each state. Here are the findings:

RankStatePrice per square foot
1Hawaii$681.09
2California$425.55
3Massachusetts$417.45
4New York$416.33
5Rhode Island$325.85
6Washington$315.38
7New Jersey$310.26
8Montana$309.35
9Oregon$302.36
10Colorado$287.11
11New Hampshire$278.31
12Florida$278.10
13Idaho$262.82
14Maine$261.59
15Connecticut$260.28
16Arizona$252.78
17Nevada$246.07
18Utah$239.14
19Vermont$234.88
20Delaware$226.86
21Alaska$225.15
22Maryland$223.45
23Virginia$218
24Tennessee$211.36
25Wisconsin$207.64
26North Carolina$202.96
27Minnesota$200.66
28South Dakota$199.99
29Wyoming$207.64
30Iowa$195.81
31New Mexico$191.43
32Texas$189.30
33Illinois$183.20
34South Carolina$182.87
35Georgia$181
36Michigan$180.30
37Pennsylvania$174.65
38Alabama$168.29
39Nebraska$168.25
40Missouri$165.76
41Oklahoma$162.33
42North Dakota161.89
43Kentucky159.50
44Indiana154.63
45Louisiana152.44
46Arkansas152
47Kansas150.37
48Ohio147.73
49Mississippi142
50West Virginia133.72

Checklist:

  • What is the total square footage of your home?
  • How many bedrooms and bathrooms does it have?
  • Is the layout open and functional?

3. Age and Condition

A home’s age and condition can either boost or lower its value. Newer homes or older homes that have been well-maintained and updated are usually worth more. Key areas to look at include the roof, plumbing, electrical systems, and foundation. We all know that older homes often need more money and time to maintain. 

Their wiring, plumbing, and appliances are usually old and outdated, which can lead to frequent repairs and upgrades. In the USA, as a general rule, homes built after 1990 are considered newer, while those built before 1920 are often seen as “old” or “antique.” However, the age of a home is just one factor, and it can vary based on many different things.

Checklist:

  • How old is your home?
  • What is the condition of the roof, plumbing, and electrical systems?
  • Have there been recent renovations or updates?
home value

4. Upgrades and Improvements

Harvard researchers predict that Americans could spend up to $485 billion on home remodeling projects in 2023. Upgrades and improvements can add significant value to your home. Kitchens and bathrooms, in particular, offer great return on investment.

Energy-efficient upgrades like new windows or a modern HVAC system are also valuable. Each renovation and upgrade can further add value to your house for example, according to data from Angi.com. finishing a basement of 400 to 1,500 square feet can yield a return on investment (ROI) of up to 75%. 

Checklist:

  • Have you made any recent upgrades to the kitchen or bathrooms?
  • Are there any energy-efficient improvements?
  • What other enhancements have you made to the property?

5. Comparable Sales (Comps)

 Comparable sales, or “comps,” are recently sold homes in your area that are similar to yours. These sales provide a benchmark for determining your home’s market value. As a homebuyer, looking at comparable properties, or “comps,” is crucial for figuring out a home’s value and making a fair offer. 

Real estate agents use data from the Multiple Listing Service (MLS) to gather the necessary information for these comparisons. By analyzing recent sales of similar homes in the area, you can better understand what a reasonable offer would be.

Checklist:

  • What are the prices of recently sold homes in your neighborhood?
  • How similar are these homes to yours in terms of size, age, and condition?
  • Are there any trends in the local real estate market?

6. Market Conditions

The real estate market is constantly changing. Factors like the economy, interest rates, and housing supply and demand can affect your home’s value. Understanding current market conditions can help you set a realistic price.  

Every year, market reports are released to predict real estate trends. One such report projects a steady annual growth rate (CAGR 2024-2028) of 4.99%. By 2028, this growth is expected to result in a market volume of $114.70 trillion.

Checklist:

  • Is it currently a buyer’s or seller’s market?
  • What are the current interest rates?
  • How is the local economy performing?
home value

Checklist for Evaluating Your Home

As an expert realtor in America, evaluating a home thoroughly is crucial before making any purchase or selling decision. Here’s a detailed checklist to ensure you cover all the essential aspects:

1. Structural Problems

The structural integrity of a home is vital for safety and longevity. Issues like cracks in the foundation or walls can be expensive to repair and may indicate more severe problems.

Checklist:

  • Inspect the foundation for cracks or shifts.
  • Look for cracks in walls, ceilings, and around doors and windows.
  • Check for any sagging or uneven floors.
  • Examine the roof for missing shingles, leaks, or structural damage.
  • Assess the condition of support beams and load-bearing walls.

2. Water Problems

Water damage can lead to mold growth, structural damage, and costly repairs. Identifying water problems early can save a lot of trouble down the road.

Checklist:

  • Look for water stains on ceilings, walls, and floors.
  • Check the basement and crawl spaces for signs of dampness or flooding.
  • Examine plumbing for leaks, corrosion, or water pressure issues.
  • Inspect the attic for signs of leaks or water damage.
  • Ensure proper drainage around the exterior of the home.

3. Sanitation Problems

Proper sanitation is essential for a healthy living environment. Issues with plumbing, septic systems, or pests can create significant health hazards.

Checklist:

  • Check the condition and functionality of all plumbing fixtures.
  • Inspect septic systems and sewer lines for backups or leaks.
  • Look for signs of pests, such as droppings or nests.
  • Ensure that bathrooms and kitchens are clean and free of mold or mildew.
  • Verify that waste disposal systems are working correctly.

4. Electrical Systems

A safe and functional electrical system is crucial for any home. Electrical problems can be dangerous and costly to fix.

Checklist:

  • Inspect the main electrical panel for age and condition.
  • Ensure that wiring is up to code and in good condition.
  • Test all outlets and light switches for proper operation.
  • Check for any exposed wires or electrical hazards.
  • Verify that all appliances are properly connected and functioning.

5. Appliances

Modern homes rely on various appliances for daily convenience. Ensuring these are in good working order can prevent future expenses.

Checklist:

  • Test the operation of major appliances (e.g., refrigerator, stove, dishwasher, washer, dryer).
  • Check the age and condition of each appliance.
  • Look for any signs of wear or malfunction.
  • Verify that HVAC systems are functioning correctly and efficiently.
  • Ensure that any built-in systems, like central vacuum or home automation, are operational.

6. Outside the House

The exterior of the home and its surroundings impact curb appeal and structural integrity. Evaluating the outside ensures the home is safe and attractive.

Checklist:

  • Inspect the exterior walls for damage, paint condition, and siding issues.
  • Check the roof for missing shingles, leaks, or damage.
  • Examine the gutters and downspouts for proper drainage.
  • Look at the condition of windows and doors, including seals and locks.
  • Assess the landscaping, driveway, and any outbuildings for condition and maintenance needs.

7. Interior Environmental Hazards

Environmental hazards inside the home can affect health and safety. Identifying these hazards is essential for ensuring a healthy living space.

Checklist:

  • Test for the presence of radon, asbestos, and lead-based paint.
  • Look for signs of mold or mildew in damp areas.
  • Ensure proper ventilation in all rooms, especially bathrooms and kitchens.
  • Check for any signs of pest infestations.
  • Verify that smoke detectors and carbon monoxide detectors are installed and functioning.

5 Ways to Calculate Your Home Value

Whether you’re gearing up to sell, refinance, or simply curious about your property’s worth in the market, understanding the diverse methods available is crucial. From sophisticated appraisals to user-friendly online tools and detailed market analyses, each approach offers unique perspectives on your home’s financial standing. Here are 5 ways that will help you to calculate your home value. 

home value

1. Use a House Price Index (HPI) Calculator:

The House Price Index (HPI) calculator uses data from mortgage transactions over time to estimate the value of a specific house. It projects this value based on the purchase price of the home and the changing value of other homes in the area.

Actions:

  • Find an HPI calculator online, such as the one offered by the Federal Housing Finance Agency (FHFA).
  • Enter your home’s purchase price and the date of purchase.
  • Review the estimated current value based on regional price trends.

2. Use Market Value and Assessment Rate:

The assessed value of your home is used to determine property taxes. It’s different from market value but can be calculated using the market value and the assessment rate.

Steps:

  • Determine your home’s market value.
  • Find out the assessment rate for your area (usually listed on your county’s website or available from the local tax department).

Example: If the market value of your home is $400,000 and the assessment rate is 80%, the assessed value is $320,000.

Alternatively, use your property tax bill and the real estate tax rate of your county:


Example: If your property tax bill is $3,400 and the real estate tax rate is 1%, the assessed value is $340,000.

3. Hire a Professional Appraisal

A professional appraisal provides an unbiased estimate of your home’s value. Appraisers consider all the factors we’ve discussed and use their expertise to give you a precise value. 

Checklist:

  • Have you scheduled a professional appraisal?
  • What is the appraiser’s estimated value of your home?
  • How does this compare with your own research?
home value

4. Check Online Home Value Estimators:

Using online home value estimators is a quick and easy way to get an idea of your home’s worth. These tools use recent sales data and market trends to provide you with an estimate. Here’s how you can do it:

Step-by-Step Guide:

  1. Go to websites like Zillow, Redfin, or Realtor.com.
  1. Look for the home value estimator tool on the website. It’s usually on the homepage or under a section like “Sell” or “Home Value.”
  2. Enter your home’s full address, including the street, city, state, and ZIP code.
  3. Some websites might ask for additional details, such as the number of bedrooms and bathrooms, square footage, or any recent renovations.
  4. After entering your address, the tool will process the information.
  5. It will use data from recent home sales in your area, the overall real estate market trends, and specific details about your property.
  6. Within a few seconds, the tool will display an estimated value of your home.

Comparison Table for the Online Home Value Estimator:

AspectZillowRedfinRealtor.com
Pros– Extensive property listings– Accurate home value estimates– Detailed neighborhood information
– Zestimate feature for home value estimates– Buyer’s rebate for purchasing with Redfin– Realtor network for personalized service
– Rental listings and mortgage calculators– Interactive map with listing clusters– Listings from multiple listing services
Cons– Zestimate accuracy can vary widely– Limited availability in some regions– Some listings may not be up-to-date
– Ad-heavy interface– Less comprehensive listings compared to others– User interface can be less intuitive
Paid or FreeFreeFreeFree
home value

5. Use the Reverse Address Lookup Tool:

The Reverse Lookup Tool by TruthScouts is a valuable resource for homeowners looking to determine the value of their property. Here’s how it can help,

  • Visit the TruthScouts website and navigate to the Reverse Lookup Tool section. This tool is designed to provide property information based on addresses or location details.
  • Input the address of the property for which you want to find the home value. Make sure to enter the complete address including street, city, and state to get accurate results.
  • Initiate the search or lookup process. The tool will then analyze public data sources and possibly proprietary databases to gather relevant information about the property.
  • Once the lookup is complete, the tool will display the estimated home value or a range based on its findings.

Final Thoughts

Determining your home’s value involves considering multiple factors, from location and size to market conditions and recent upgrades. By using this checklist, you can get a good estimate of what your home might be worth. Remember, it’s always a good idea to consult with a real estate professional for the most accurate valuation.

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