I’ve gotten this exact question so many times, that I’ve decided to answer you question as thoroughly and completely as possible.
The easiest way to figure out the value is to check the “comps” – or comparable properties that have sold recently. That is- how much have similar (comparable) homes sold for recently?
One great resource is Zillow.Com- it’s a great site to check what homes have sold recently, and Zillow.Com will even give you their own “guess” as to what the property is worth, even show you an aerial picture.
But be careful- DON’T TRUST ZILLOW’S VALUE! Just use them to tell you what other homes have sold for recently. If there are plenty of sales, all within a particular price range, then apply this little formula:
1. Houses that have sold within 1 year
2. Houses that are within 20% of the same square footage
Check out all of the details here: