1. What is Home Value Calculation?

The home value calculation estimates your property's worth based on comparable sales in your area adjusted for differences between properties.

2. How Does the Calculator Work?

The calculator uses the home value equation:

Where:

• \( comp\_sales \) — Recent sales prices of comparable properties ($)
• \( adjustment \) — Factor accounting for differences between properties (decimal)
• \( value \) — Estimated home value ($)

Explanation: The equation adjusts comparable sales prices based on differences in features, location, and condition.

3. Importance of Home Valuation

Details: Accurate home valuation is crucial for selling, refinancing, insurance purposes, and property tax assessments.

4. Using the Calculator

Tips: Enter comparable sales price in dollars and adjustment factor as a decimal (e.g., 1.05 for +5% adjustment). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find comparable sales data?
A: Check recent sales in your neighborhood through real estate websites, MLS listings, or county records.

Q2: How do I determine the adjustment factor?
A: Consider differences in square footage, bedrooms, bathrooms, condition, and location between your home and comparables.

Q3: Is this as accurate as a professional appraisal?
A: No, this is an estimate. Professional appraisals consider more factors and are more precise.

Q4: How often should I update my home's valuation?
A: At least annually, or whenever significant market changes or home improvements occur.

Q5: What other valuation methods exist?
A: Other approaches include cost approach (rebuild cost) and income approach (for rental properties).