Property value estimator is an online automated tool that help you get an estimated value of your property. If you are trying to achieve equity in investment properties, you should consider using a property value estimator tool.
When looking for properties to buy or sell, it is important to be aware of the estimated prices of the property, valued by looking at the changes in the real estate industry and considering the past and future trends of the development in the region.
But doing this on your own can be a daunting process and may consume a lot of time, making an attractive deal for your property slip away from your hands. So to ease the task of estimating your property’s market value, online tools are going by the name of property value estimator.
Let’s look at the detailed purpose of these tools, how you can use them to estimate your property’s value, and some of the best value estimator tools you must know about.
New to real estate? You must read How to Perform Real Estate Analysis?
What is meant by a property value estimator?
Property value estimators are online automated tools that help you get an estimated value of your property. If you are trying to achieve equity in investment properties, you should consider using a property value estimator tool to obtain enough information about the potential value of your property before you make any irreversible moves.
Also, this helps you to make well-informed decisions regarding buying/selling, financing your purchases, refinancing, and so on.
Among the various property value estimator tools which are available online, some offer more detailed information like records of the sales in the area, comparable property sold in that area in the last few months, and data comparing the offers available on different market-tracking websites.
This data comparison is designed to help you weigh the pros and cons of each property offer and make the most profitable decisions in the real estate industry.
All you have to do is enter the address of your property and the property value estimator tool will present you a report about the current standards of your property in the real estate market.
The report includes the property value estimates, estimated price per square foot, detailed description of the property, the sales history, and the list of comparable properties sold in that location recently.
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How to evaluate your property’s value?
You can evaluate your property’s value by using online property value estimator by entering your property’s address. They take information present on the public records and online real estate platforms to present a report on your property, including estimates of the value, property details, value history, etc.
Some websites offer paid services while some of them are free to use. You can also request a more detailed report on your property if you wish to dig more.
Top 10 property value estimator tools
Buying and selling property is a big decision. You cannot rely on just another property value estimation tool available online. So we can come up with a carefully curated list of top ten property value estimator tools that you should know and use while buying or selling properties.
- U.S. News
U.S. News has just recently collaborated with HomeLight as a step to offer property value estimation services to the users.
It considers the work required to be done on the property, the time at which you plan to sell it, and many other things like that.
It gives a value estimation in a particular range and the factors affecting the value of property in that range.
Zillow is one of the most popular property value estimator tools used for estimating the value of a property.
It is a free tool that presents you with an estimated cost of the property based on the location of your neighborhood and other factors like recent sales, population trends, accessibility to the main city, crime rates, weather, and information regarding schools and colleges.
Zillow uses algorithms that perform calculations while taking into account the recent sales data, the rates of comparable properties in the region, and so on.
Redfin is a state estate broker website that offers a one-stop solution for all your requirements in the real estate industry.
The property value estimation tool of Redfin uses algorithms that calculate the value of your property according to the age of the property, sale prices, real estate listings, taxes, and many other factors to give you a quick and precise estimate of your property’s value.
Eppraisal is a property estimation tool that uses the public records of the property values and considers the prices of comparable properties in that geographical location.
Chase in another property value estimator tool where you can change the information about the property to obtain a more accurate price estimate.
It also gives information about the past trends in the prices of property in that location, the number of properties sold in that area recently, and construction trends in the area.
With Chase, you can estimate the value of renovations or upgrades that you might need to make.
Realtor is the most trusted property value estimator tool, used by realtors especially, it is owned by the National Association of Realtors and gives the most accurate value estimation.
In addition, it gives information about the proximity of local amenities like educational institutes, parks, shopping malls, and so on.
To give you the precise estimate of your property value, it considers all the factors that may even slightly affect its pricing.
The average regression analysis and the comparison of the market analysis are two key factors that drive the online property estimator tool of ForSaleByOwner.
It is not a free property value estimator tool and requires user registration to find the value estimates of your property in addition to information about the recently sold homes in that location. The comparable properties are represented on a map of that location.
Trulia was founded as a part of the Zillow group of companies in 2006. This highly valuable property value estimator tool gives you a rough estimate of your property value by simply inputting the address of the property.
It presents the structure by which the properties around America are valued. It is a helpful platform for property buyers and sellers to get comparative market data, research across neighborhoods, and learn about the ongoing trends of the real estate market in that region.
RE/MAX is aiming to emerge as a global place for the real estate market helping people around the world with services like mortgage loans, insurance services, commercial properties, residential properties, land, and property value estimation among others.
This property estimator tool boasts a massive family of over 120,000 real estate agents and 100,000 agents based around the world. RE/MAX has been a global leader in the real estate marketplace for more than 45 years now, making it one of the most reliable brands for estimating the value of your property.
- Neighborhood Scout
Neighborhood Scout is designed and targeted at real estate investors. But even sellers can gain extensive information including the values of properties around the world. It uses custom analytics to estimate the value of your property. It is important to note here that Neighborhood Scout offers paid services only. So you have to register on this website to get property value estimates.
While buying or selling properties, it is extremely important to make your own estimates as well. It is because all the online property value estimator tools use algorithms to give estimates and you can’t always rely on them, especially when you are investing money in them.
You might also like to explore below external content on real estate:
- Best 7 Property Management Software – How to Find Best PMS
- 9 Must-Know Real Estate Investment Tools and software
- What Is Wholesaling Real Estate ?
- Understanding Four Phases of Real Estate Cycle
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