Online estimation tools are a popular option and a good starting point. Another way is to ask your real estate agent to prepare a comparative market analysis, which will consider local housing market factors and how much other, similar homes in your area have recently sold for. (This is also referred to as “comps.“) The most accurate option is likely to have the home professionally appraised, which will cost a few hundred dollars.
The fair market value of your home is the price a home would sell for on the open market. Zillow offers so much more for the consumer than the Zestimate aspect. Viewers can get so hung up on the Zestimate that they overlook the wealth of other information on the website, including comparable sales and neighborhood demographics. All of these can be invaluable to any first-time home buyer or home seller in a real estate transaction. Given the solid reputation RE/MAX has on the real estate market, it should be no surprise that the company also offers a useful home value estimator.
A modern minimalist concept house located in Panjer Denpasar
If your home is under contract but the transaction has not yet closed, then the Redfin Estimate is still updating daily. Depending on how dynamic the market is in that neighborhood, the estimate is likely to change during that time. If the transaction has closed, then the Redfin Estimate for that home is updated weekly, so the Redfin Estimate could potentially change each week.