Featured image

Alt-tag: A wooden silhouette of a house next to three piles of coins

If you're looking to downsize and sell your current property or simply want to get a picture of your overall financial state, you need to know the value of your Asheville home. Property value depends on many factors, and you'll get different answers if you ask a lender, real estate agent, or tax assessor. Therefore, the safest thing you can do is learn how to do this yourself.

Even though it might sound complicated, it is much easier and simpler than you think. Further in this article, you'll find out everything you need to know about home valuation and how to do it on your own.

Why should you know the value of your Asheville home?

Knowing your home's value is essential for many reasons. Whether you are planning to sell, buy, refinance, or invest in home improvements, your home's value is crucial information to have.

[A picture containing text, white, dirty Description automatically generated]

Caption: Knowing the value of your home will also give you an insight into your overall financial health.

Alt-tag: A pen, a pile of documents, and a notepad

Let's say you're planning to sell your home and move. By knowing its value, you'll determine how much you can afford for a new home and be able to plan a realistic budget for your long-distance move. Besides selling costs, you'll also have to pay for your move, so make sure to find the best deal when it comes to the moving company.

Even if you don't plan on selling anytime soon, you should have your home valued at least once a year. That way, you'll have a clear picture of your financial state. You'll know how much equity you've accumulated or if your homeowners' insurance policy still adequately covers your property.

Types of valuations

Before we explain ways to determine the value of your Asheville property, here are the three main types of property valuation:

• Fair market value is determined by comparing your home to similar ones in your area. To find out the market value of your home, research how much buyers are willing to pay for homes that are similar to yours regarding square footage, the number of bedrooms, and similar.
• Appraised value factors in prices of comparable homes, but it's different than fair market value. To calculate the appraised value, you'll need to hire a licensed appraiser. They will base their calculation on the location, size, and condition of your home.
• The assessed value is what tax assessors use to determine property taxes. The assessed value is based on many factors, such as appraised value, fair market value, potential income from the property, and more. Keep in mind that this value doesn't represent how much your property could sell for.
• Simple ways to find the value of your Asheville home As you can see, knowing the value of your home will help you determine how much house you can afford if you're planning to sell and buy, but it will also help you keep track of your finances. So, if you are planning to buy, sell, or are simply curious about what your home is worth, here are the ways to find out.

[A picture containing marketplace Description automatically generated]

Caption: Knowing the prices of similar homes in your area will help you determine the value of your Asheville home.

Alt-tag: Bird's-eye view of a neighborhood

Use online home valuation tools

Nowadays, there is no information you can't find online. This is true when it comes to your home's value, too. Simply search "how much is my house worth?" and you'll be offered many online evaluation tools that can help you find out. It's a great starting point to assess the value of your property.

This is especially useful if you are looking to sell your property and move. By knowing your home's value, you'll be able to plan a budget and start organizing your relocation in advance. The pros from Best Long Distance Movers advise using online tools for researching moving companies, too. As you'll have more time to prepare, you can get free estimates and choose the most suitable option.

Use the FHFA House Price Index calculator

If you want to understand market trends in your area over a specific period, The Federal Housing Finance Agency offers a great online tool - the House Price Index (HPI) calculator. This tool analyzes data about mortgages in a specific area. By using information about the rate of appreciation of all homes, it can make projections about market fluctuations.

Keep in mind that you can't use this calculator to estimate the market value of a specific property. Instead, you can get an insight into home appreciation or depreciation over a particular period of time. This will give you a general idea of the local market.

Ask for a comparative market analysis from your real estate agent

You probably already know that a great real estate agent is your biggest asset when selling a home. They will help you with every aspect of the process, including determining your property's value. An experienced agent will help you find out how much your property is worth by doing a comparative market analysis.

[Two people sitting on a couch with a computer Description automatically generated]

Caption: A good real estate agent is familiar with the local market and can provide you with a comparative market analysis.

Alt-tag: A real estate agent with a client

Make sure to hire someone with extensive experience and knowledge. A good real estate agent knows the neighborhood, follows the market, and understands its trends.

Hire a professional appraiser and find out the value of your Asheville home

Before approving a loan, mortgage lenders hire professional home appraisers to confirm the value of a property. In some cases, even home sellers hire them. If you want to get the most professional and accurate estimate, this is the way to go.

A professional appraiser will consider your home's characteristics. For example, the number of bedrooms and bathrooms or square footage. Also, they will use something similar to comparative market analyses and review the prices of similar homes in your area.

Check your county auditor's website

Lastly, if you want to understand your home's value from a tax perspective, research your county auditor's website. As county auditors periodically assess the value of residential properties for tax purposes, you can easily find information online.

You can look up the assessed value of your property and find out if its value has appreciated or depreciated since you last checked. You can even compare the figures with other similar homes in the area. However, keep in mind that this type of home valuation is only suitable for comparison as it doesn't reflect some of the market factors that can affect the sale price.

The bottom line

We hope we were able to help you find the value of your Asheville home. Keep in mind that knowing your home's value is essential for many reasons. It might be a good idea to have your home valued at least once a year. The best part about it is that now you know how to do it on your own!

Meta description: Planning to list your home and want to get the best possible price? Learn how to find the value of your Asheville home in this article.

Photos used:

https://pixabay.com/photos/money-home-coin-investment-2724235/

https://unsplash.com/photos/tQQ4BwN_UFs

https://unsplash.com/photos/sPpe2D7VbpM

https://unsplash.com/photos/oFMI6CdD7yU