Real Estate

How to determine house value and equity?

  • Last Updated:
  • Mar 17th, 2019 2:09 pm
[OP]
Deal Addict
Feb 4, 2010
3865 posts
2661 upvotes

How to determine house value and equity?

I know a home's value is dependent on the market and what someone's willing to pay but I'm not looking to sell. I want to know the value in order to determine my home's equity. I have a general idea of what it could sell for based on listings of homes in the area, but not sure what they end up selling for especially as some of these hoomes are not in great shape (in need of major renos) and they're listed pretty high - if they do sell close to ask then I think my house could sell for higher as it's in much better condition. But it's just guessimates on my part so I was wondering if there's a better way.

I've tried a few sites like https://www.housevalues.ca but it just says "sorry no estimate available".

How do others determine their house value and/or equity?
Before responding to someone (online or offline) ask yourself: is it true? is it helpful? is it kind? is it necessary? This comes from an old Sufi adage that is so relevant today.
8 replies
Deal Addict
May 9, 2017
1065 posts
1098 upvotes
Equity is simply Home Value less any mortgages or HELOCs.

Where do you live?
[OP]
Deal Addict
Feb 4, 2010
3865 posts
2661 upvotes
Yes I know. I was asking how to figure out home value so I could figure out the equity (as you described).
Before responding to someone (online or offline) ask yourself: is it true? is it helpful? is it kind? is it necessary? This comes from an old Sufi adage that is so relevant today.
Deal Addict
Aug 30, 2011
3459 posts
1217 upvotes
Ottawa
You could pay an appraiser if you need a figure for purposes other than general interest. I don't mean a Realtor, but a true appraiser.
Member
Jul 26, 2015
212 posts
135 upvotes
Vancouver, BC
hierophant wrote: Yes I know. I was asking how to figure out home value so I could figure out the equity (as you described).
Have a look at the most recent sale prices for comparable properties in your area (not the listing prices).
You’ll get a pretty good idea of the market value.
Sr. Member
Sep 7, 2018
646 posts
497 upvotes
hierophant wrote: Yes I know. I was asking how to figure out home value so I could figure out the equity (as you described).
Use house sigma to see what comparable homes in your area sold for recently
Banned
Feb 8, 2019
18 posts
4 upvotes
The price depends on many factors. I think it's better to consuclt with the specialists to reduce the risks. When I decided to sell my house, I checked all info about how to sell a house in Calgary fast on the Internet and found local Home Buyers service to help me with that task. The best part is that they buy houses in any conditions at competitive prices.
Last edited by luckyjack319 on Mar 19th, 2019 7:27 am, edited 1 time in total.
Deal Addict
Apr 6, 2008
1807 posts
1150 upvotes
Give a larger real estate firm a call and they can have someone come out and do an appraisal. Keep in mind if you want to know the homes value for a HELOC or something similar the bank will normally do their own appraisal.
Deal Fanatic
Oct 7, 2007
7599 posts
3679 upvotes
You could always use the land value from your assessment as the "floor" for the value of your property. This would certainly give you one solid data point.

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