Minnesota Mortgage Blog - MN Mortgage and Real Estate News

What's the value of your home?

Many homeowners are curious about the appraised value of their home. An actual appraisal is expensive, and county tax records do NOT reflect true market value. As you may be aware, home values are constantly fluctuating, and with the decline in average values, it is important to have an accurate idea of what your home is worth.

There are many sites that claim to give you are idea, including Zillow, Trulia, and more.

The problem is, where is the data coming from and how accurate is it?

We have a different tool to answer the estimated appraised value of your home question. Our application uses the Freddie Mac Home Price Index ( FMHPI ). FMHPI is calculated using a repeat-transactions methodology. Repeat transactions indexes measure price appreciation while holding constant property type and location, by comparing the price of the same property over two or more transactions. The change in price of a given property measures the underlying rate of appreciation because basic factors such as physical location, climate, housing type, etc., are constant between transactions. Averages of appreciation rates for different geographic areas and time periods are calculated using statistical regressions and the index values are derived from these averages

While the estimate may not be the actual or appraised value of your property, it can be a useful tool to gauge fluctuations and trends in your market which affect your home's value.

Want to check your homes value? Simply click here to calculate an estimate of how much your home is worth now. (MN and WI homes only)

For best results, contact us. I can help with refinancing your existing MN or WI home, get you pre-approved for a new home, or put you in touch with a GOOD Real Estate Agent to help determine the best asking price for your home. We know the particulars of your neighborhood, the value of homes, and can help you discover what your home may really be worth.