The past few years have been a roller coaster ride on many fronts. For the housing market, the height of the pandemic had a silver lining for sellers: soaring home prices amid hot buyer demand.
However, mortgage interest rates ticked steadily upward throughout 2022 amid the Federal Reserve’s efforts to ease inflation, which put a damper on homebuyer enthusiasm. This in turn, caused home prices to decline.
All of these twists and turns may leave homeowners wondering what their home is worth now, and whether it’s a good time to sell — or tap your equity. As you consider the options, a good starting point is to ask yourself: Exactly how much is my house worth?
How much is my house worth?
When getting a home value estimate, consider the three main types of valuation:
- Fair market value: Fair market value encompasses what your home looks like to prospective buyers compared to other homes in the area. Consider the sale price of a home that’s similar to yours (same number of bedrooms and bathrooms, square footage or outdoor space, say). If you work with a real estate agent to help you sell your home, this is where your agent will start: by looking at comps to gauge what buyers have been willing to pay for a property comparable to yours.
- Appraised value: While the appraised value of your home factors in comps, it differs from fair market value. To calculate appraised value, a licensed appraiser considers the location, size and condition of your home, and any renovations you’ve completed. The appraised value is what mortgage lenders look at when a borrower buys a home or refinances their mortgage.
- Assessed value: The assessed value is the assigned dollar value of your home used by local county tax assessors to determine property taxes. “Tax assessors calculate assessed value based on various factors, which may include the appraised value and the fair market value, as well as any home improvements, whether you generate income from the property and any tax exemptions,” says Jade Lee-Duffy, a Realtor with TXR Homes in San Diego. Usually, the assessed value is lower than fair market value and doesn’t actually represent how much a property could sell for, she says.
How can I add value to my home?
You don’t get a second chance to make a first impression, and this bit of wisdom also applies to your home’s value. To that end, it’s important to ensure your home’s exterior is appealing and well maintained in order to maximize your property value.
“Your property’s curb appeal does make a difference,” says Lee-Duffy. “Make your home welcoming and tidy — cut your grass, trim any shrubs and add some new plants or flowers.” A fresh coat of paint, either on the interior or exterior of the house, will more than pay you back for the money spent, she adds: “This is one of the most cost-effective ways to improve value.”
A minor bathroom or kitchen update (as opposed to large-scale renovations) can also help improve your home’s resale value. You can simply replace an outdated sink, old tiles or dated light fixtures to give these spaces an affordable refresh.
Bankrate insight
While an online home value estimator can be helpful in getting a sense of what your house is worth, the number you see is only a starting point, not the final word.
5 ways to find out how much your house is worth
1. Use a home value estimator
- Best for: Sellers, buyers or anyone curious about the ballpark value of a home.
There are loads of online tools that offer a quick home value estimate. These tools — called automated valuation models, or AVMs — use algorithms and publicly available data, such as recent sales, tax assessments and other public records, to generate an estimate. Each one uses a different methodology, so your estimate can vary. Popular choices include:
“Home value estimators are good starting points to assess the value of your home very quickly,” Lee-Duffy says. “However, this value is based on an algorithm that usually takes into account the number of bedrooms, square footage, location and market activity. It doesn’t take into consideration factors such as recent upgrades, condition of the house, curb appeal and external factors, such as traffic noise.”
In addition to an online estimator tool, you might choose to see how much an iBuyer is willing to offer you. “Both a home value estimator and an iBuyer company provide sellers with some idea of what their home is worth,” says Arlene Reed, an agent with Coldwell Banker Warburg Realty in New York City. But “the information from both is frequently inaccurate.”
- Pro: The algorithms that power online estimators and iBuyer offers can be simple ways to get a fast ballpark estimate (or offer) just by typing in an address.
- Con: Take these computer-generated estimates with a grain of salt. They may sometimes be based on incomplete or erroneous data, or may not take into consideration a recent high-end kitchen renovation or bathroom addition, for example.
2. Ask an agent for a comparative market analysis
- Best for: Those who are selling or considering selling a home.
Real estate agents typically offer a comparative market analysis (CMA) to sellers for free in hopes of winning their business. To complete the CMA, the agent pulls data about recent sales of comps in the area. They then draw on their knowledge of the neighborhood and any special characteristics of your property to estimate its value. A buyer’s agent may also provide this same service for any home a buyer wants to make an offer on.
“A good agent will have the tools necessary to drill down and find an accurate market value,” says Robert Krasow, a Realtor with Michael Saunders & Company in Sarasota, Florida. “An experienced professional follows the market, looks at home conditions and knows the neighborhood — all while making determinations using both data and their expertise.”
- Pro: It’s helpful to have an expert identify comps, answer questions and give guidance.
- Con: Different real estate agents may use different comps or have conflicting opinions of your home’s value. In addition, if there haven’t been many sales in the neighborhood or the comps are not that similar to your property, the estimate won’t be as accurate.
3. Check your county or municipal website
- Best for: Those who want to understand their home’s value from a tax perspective.
County auditors periodically assess the value of residential properties for property tax purposes, and this information is public and searchable online. You can look up the assessed value of your house to see if it has appreciated, or compare the figures with other homes for sale.
- Pro: This objective data is easily accessible and provides another point of comparison.
- Con: This estimate is for the taxable value of your home and may not reflect some of the market factors that affect sale price, such as time of year, competitiveness or curb appeal. In some localities, assessed values may be far off from market values.
4. Identify trends in the FHFA House Price Index
- Best for: Those who want to understand property price trends in their area over time.
The Federal Housing Finance Agency’s House Price Index (HPI) calculator offers yet another take on home value. The tool analyzes historical mortgage data to project what homes in your state or metropolitan area are likely to be worth based on the rate of appreciation of all homes in the area over a given period.
- Pro: The calculator draws on data from tens of millions of home sales and offers insights about broad house price fluctuations, so homeowners can compare the relative affordability of neighborhoods over a period of time.
- Con: This calculator doesn’t estimate the market value of a particular house. Instead, it offers a look at home price appreciation or depreciation over time. While this will give you a general idea of the local market, it won’t drill down into the specifics of your property.
5. Hire a professional appraiser
- Best for: Those who want the most professional and accurate home value estimate, and may want to use the data as they consult with a mortgage lender.
Mortgage lenders hire appraisers to confirm the value of a house before approving a loan. Some home sellers choose to take the extra step of hiring an appraiser, but it’s not required. The appraiser considers the characteristics of the property, such as how many bedrooms and bathrooms it has, as well as comps, similar to a CMA prepared by a real estate agent.
- Pro: Professional appraisers are typically licensed or certified by the state they work in and can provide an objective opinion of the value of a home.
- Con: If you’re seeking a mortgage, you’ll have to pay for the appraisal the lender orders. An appraisal costs an average of about $350, but can be up to about $420, according to HomeAdvisor.
My home’s value went up. What should I do?
Your home’s value can rise due to a range of factors. Home prices have increased in many places recently due to a shortage of supply. Prices were also boosted recently by some of the lowest mortgage rates in history — those rates have since increased, but prices remain high. If your home value has increased, you have a few options and considerations to make:
- You might be able to save money by eliminating private mortgage insurance. If you’re paying for private mortgage insurance (PMI) and your home’s value has gone up to the point where you now have at least 20 percent equity, you can ask your lender to cancel your PMI premiums.
- You might need to adjust your homeowners insurance policy. Your homeowners insurance cost and coverage are typically based on your home’s value. If it has increased, you’ll want to make sure you’re fully protected. “It’s important to review your property’s value with your insurance agent yearly to make sure your residence has the proper insurance coverage,” says Kimberly Smith of Garnet Property Group in Bristol, Connecticut.
- You might be in a better position to make improvements. With more equity in the property, you can take advantage of a home equity loan or cash-out refinance and invest in a renovation or remodeling project. “Determining a home’s valuation is useful if you’re considering tapping into your home’s equity in the form of a home equity loan, home equity line of credit or cash-out refinance, so that you know how much equity you’ve accrued,” Smith says.
- You might consider selling your home. You could stand to profit if your home’s value has gone up considerably. But before putting it on the market, carefully evaluate whether it really is the right time to move for you or your family, whether you’ll be able to find a new home quickly and how you’ll pay for it. “If it is a good time, making minor repairs and decluttering your property is always going to help increase the final sale price,” Lee-Duffy says.
My home’s value went down. What should I do?
While home values across the board have generally increased, there could be factors beyond the homeowner’s control that can cause prices to decline.
“Local political issues, climate changes, transportation and employment opportunities — or lack of these last two things — can influence home values,” says Gerard Splendore, an agent with Coldwell Banker Warburg Realty in New York City. “Selling may not be a good idea, unless it is apparent that values will continue to decrease.”
If you can wait out a downturn rather than making a rash decision, that may be best. “Home property values are typically influenced by the current economic climate, as well as the supply of houses on the market, which will change over time,” Lee-Duffy says. “If you can prolong moving, housing prices will eventually start to rebound.”
What factors affect home value?
A number of factors can affect the value of your home, including:
- Neighborhood
- Home age
- Home condition
- Home size
- Improvements or upgrades
There are other factors that impact property values overall, too. These can include the local housing market, the economy, interest rates and tax rates, Reed says. It’s important to keep each of these factors in mind when sorting through whether you should sell your home now, or wait.
How often should I check my home’s value?
While you don’t need to revisit your home’s value too often, checking on it periodically — say, once a year — is smart for several reasons. Knowing the current value of your home allows you to determine, for example, whether your homeowners insurance policy still adequately covers the property. “The value of your home also affects your taxes,” Reed says. “You might be able to lower your assessment.”
It can also be helpful to know the value of your home so you know how much equity you’ve accumulated, which could allow you to qualify for a home equity loan or line of credit, or cash-out refinance.
Of course, knowing the value of your home is crucial if you’re considering selling, and especially if you’re selling your home one year or less after buying it. In such cases, if you’re selling the home for a profit, you’re likely to face a capital gains tax.
Selling your home faster
It typically takes a couple of months to sell a home, if you go the traditional route. However, there are ways to shorten this timeline if need be and sell your home fast — really fast. For instance, you could opt to sell your home to a cash buyer, which eliminates the need to wait on financing to be finalized. And many iBuyer platforms will make you an offer in just 24 hours or less, plus arrange a closing timeline that suits your needs.
FAQs
Home estimators provide a good starting point to determine how much your house is worth, but they should be taken with a grain of salt. These tools rely upon algorithms and publicly available data, such as recent sales, tax assessments and other public records, to generate an estimate. They do not, however, take into consideration such factors as recent upgrades or current condition of the home. A professional appraisal is your best bet for accuracy.
Knowing the value of your home is critical when you’re ready to sell, so that you can determine a reasonable asking price. It can also help you determine how much equity you’ve accrued, whether you might be able to obtain a home equity loan or whether your home insurance policy is still adequate.
To calculate your home equity, subtract your outstanding mortgage balance from your home’s market value. In other words, if you owe $200,000 on your mortgage loan and your home is worth $500,000, you have $300,000 of equity in the home.
The primary factors that impact your home’s value include its condition, age, size and any improvements or upgrades you’ve made. In addition, location is always a key factor in real estate values: Your home’s neighborhood and other factors tied to its location will play a role in value. Outside factors, such as the economy and the current mortgage rates, may also affect home value.
FAQs
How do I calculate how much home equity I have? To calculate your home equity, subtract your outstanding mortgage balance from your home's market value. In other words, if you owe $200,000 on your mortgage loan and your home is worth $500,000, you have $300,000 of equity in the home.
How do I determine the value of my home? ›
You can determine home value by using an online valuation tool, hiring an appraiser, using a real estate agent, or checking comparable homes in your area. Using an online valuation tool or pulling comps in your neighborhood is easy and quick, but you'll receive more accurate results using a REALTOR® or appraiser.
What is the most accurate home value estimator? ›
1. Redfin. The most accurate home value estimator is Redfin as it uses historical pricing data and also considers real-time demand and market trends. Redfin estimates are more accurate than Zillow, and the interface is intuitive, making it easy to find exactly what you're looking for.
How accurate are Redfin estimates? ›
The Redfin Estimate is highly accurate, with a current median error rate of just 2.10% for homes that are for sale, and 6.41% for off market homes. This means that when a home that is currently on the market sells, the Redfin Estimate will be within 2.10% of the sales price half of the time.
How do you determine fair market value? ›
Look at comparable homes in your neighborhood then divide by square footage. Then take that dollar amount and multiply by the number of square feet in your home.
How accurate is Zillow home value? ›
How accurate is the Zestimate? The nationwide median error rate for the Zestimate for on-market homes is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%.
How do you determine the equity value of a house? ›
To calculate your home's equity, divide your current mortgage balance by your home's market value. For example, if your current balance is $100,000 and your home's market value is $400,000, you have 25 percent equity in the home.
Are Zillow estimates overpriced? ›
Several studies demonstrate that it's possible Zillow can be accurate within 80-90% of the value of a home. This means that its estimates can be a good starting point. However, when you want to price a home to sell or know what a home is worth so you can buy now, its numbers are not accurate enough.
Which property value website is most accurate? ›
Zillow is among the most popular home value websites, and its Zestimate for on-market homes (meaning, homes that are currently listed for sale) has a median error rate of 2.0% as of February 2022. This is pretty good! And bonus points for the company's transparency in explaining how their models work.
What is the most accurate estimate? ›
A detailed estimate is the most accurate method and consists of working out the quantities of each item of works and working the cost. The dimensions are taken directly from the drawings and quantities of each item are calculated.
On a macro level, the accuracy of Zillow estimates is pretty high. It's impressive that an algorithm can estimate home values on a national scale within a 2.5% margin of error. However, most home sellers are concerned about the accuracy of Zestimates on a micro level.
Is Zillow more reliable than Redfin? ›
Redfin's home value estimator is more accurate than Zillow's when it comes to pinpointing the sales price. According to Redfin, its estimates are approximately 74% accurate within 5% of the sales price for listed homes. By comparison, Zillow is only 67% accurate within 5% of the sale price for listed homes.
Is Zillow Zestimate or Redfin more accurate? ›
Redfin is more accurate when valuing homes.
Both Zillow and Redfin give homes an approximate value, but the Zestimate provided by Zillow has proven slightly less accurate than Redfin's estimate. Final numbers depend significantly on the local market and demand for a property in your particular location.
What is fair market value for dummies? ›
The fair market value is the price an asset would sell for on the open market when certain conditions are met. The conditions are: the parties involved are aware of all the facts, are acting in their own interest, are free of any pressure to buy or sell, and have ample time to make the decision.
What are the three methods of calculating fair value? ›
ASC 820-10-35-24A describes three main approaches to measuring the fair value of assets and liabilities: the market approach, the income approach, and the cost approach.
What is the current market value? ›
What Is Current Market Value (CMV)? Within finance, the current market value (CMV) is the approximate current resale value for a financial instrument. Just as with any other object of value, the current market value offers interested parties a price for which they can enter into a transaction.
Why are Zillow estimates so low? ›
It's likely that all homes have a lower estimated Zestimate than actual value. So, on the basis of time frame, Zillow is picking bad comparables. If your Zestimate includes homes that were sold over 3 months ago, that's going to be one key reason your Zestimate is so low.
Is zestimate close to appraisal? ›
Homeowners should use Zestimates as a broad guideline and contrast them with other sources. A Zestimate should not be considered an appraisal. In fact, a comparable market analysis from a local real estate agent and a professional appraisal of the home are the best ways to learn its value.
How does Zillow predict home values? ›
The Zestimate is calculated through a Zillow algorithm that crunches data from public property records, tax records, recent home sales in the area, and user-submitted information to come up with an approximate market value for a home.
How can I get equity out of my house without refinancing? ›
Sale-Leaseback Agreement. One of the best ways to get equity out of your home without refinancing is through what is known as a sale-leaseback agreement. In a sale-leaseback transaction, homeowners sell their home to another party in exchange for 100% of the equity they have accrued.
In the simplest terms, your home's equity is the difference between how much your home is worth and how much you owe on your mortgage.
Is it a good idea to take equity out of your house? ›
Taking out a home equity loan can help you fund life expenses such as home renovations, higher education costs or unexpected emergencies. Home equity loans tend to have lower interest rates than other types of debt, which is a significant benefit in today's rising interest rate environment.
Why are realtor and Zillow estimates so different? ›
Is Realtor.com or Zillow more Accurate? This is another frequently asked question from home sellers and buyers. The main difference between Realtor.com home values and Zillow Zestimates is that Zillow uses its own program to create a Zestimate, while Realtor.com uses several 3rd parties to provide multiple home values.
How accurate are appraisals? ›
There's an acceptable variance when it comes to home appraisals. It usually depends on the prevailing market conditions. In markets with favorable conditions, the difference should be between 2% and 3% of the other values. For markets with challenging conditions, a 10% difference may be acceptable.
Why is Redfin estimate so much higher than Zillow? ›
Most of the time, Zillow and Redfin have different estimates for your house because they have slightly different approaches to calculating home values. However, if there's a big gap between your Zestimate and Redfin Estimate, it may mean that one company has inaccurate information about your home.
Is MLS more accurate than Zillow? ›
Your State's MLS
If you are able to view the MLS in your area online directly, you will only see properties that are currently active on the market. This makes the MLS more accurate than Zillow, which frequently keeps properties listed as available long after they have been taken off the market.
What is a quantarium home value? ›
Quantarium Valuation Model (QVM) provides the most current and accurate property valuations to a broad spectrum of customers, including lenders, mortgage banks, brokers, originators, servicers, insurance agencies and appraisers.
Is HomeLight accurate? ›
Yes. HomeLight is a legitimate real estate company founded in 2012 and based in San Francisco, CA. The company is accredited by the Better Business Bureau with a B rating (as of August 5, 2022).
What are the 4 types of estimating? ›
Types of estimates
- Preliminary estimate.
- Detailed estimate.
- Quantity estimate.
- Bid estimate.
- Cost estimates.
A good estimator must satisfy three conditions: Unbiased: The expected value of the estimator must be equal to the mean of the parameter. Consistent: The value of the estimator approaches the value of the parameter as the sample size increases.
Efficiency: The most efficient estimator among a group of unbiased estimators is the one with the smallest variance. For example, both the sample mean and the sample median are unbiased estimators of the mean of a normally distributed variable.
What negatively affects home appraisal? ›
Updating appliances or any major systems, like plumbing, electrical or HVAC, can be costly, so if yours are outdated, it could affect the overall value of the home. And if the interior hasn't been changed for decades, it may not appeal to buyers, which can also cause the value to decrease.
What is a zestimate based on? ›
What is a ZestimateⓇ? Zillow's Zestimate is an estimate of value using a proprietary formula created by the online real estate database company. Zestimates cover more than 100 million homes across the United States. A Zestimate is calculated from physical attributes, tax records, and user submitted data.
What is the difference between Zillow and appraisal? ›
A Zestimate is our free estimated value for an individual home, computed multiple times per week based on millions of data points. It is not an appraisal, but it does provide a ballpark range for your home's value.
Is Zillow a good option? ›
Our Verdict: While there are some limitations to the data Zillow can provide, it is an outstanding start-to-finish service for home buyers, home sellers, and renters—and a great tool for those who are just browsing, too. There's a reason it's one of the go-to real estate directories.
What makes Redfin different from Zillow? ›
In a nutshell, Redfin is a real estate brokerage as well as an iBuyer (instant home buyer) that purchases homes directly from sellers in select states. Zillow is an online real estate marketplace where people can browse listings and connect with agents who advertise on the site.
Why is there such a difference between Zillow and Redfin? ›
While they operate somewhat similarly, the most significant difference between Zillow and Redfin is that Redfin is a real estate brokerage with its own real estate agents, while Zillow allows you to connect with real estate agents but does not have its own.
Are Zillow estimates usually higher or lower? ›
The Zestimate is often less accurate than your Realtor's estimate and can be thousands of dollars off. According to Zillow's Zestimate page, “The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 7.5%.
How do I remove my home from Redfin? ›
First, visit your Owner Dashboard by selecting 'My Home' on the bottom icons. Select the home you'd like to unclaim. Next, select the three dots in the top-right corner of the Owner Dashboard page. Now, a menu will appear, select 'Unclaim this Home' to remove this home from your Owner Dashboard.
Is Corelogic accurate? ›
Instant, highly accurate valuations on more properties
Our market-leading AVM (Automated Valuation Model) delivers a high level of accuracy and hit-rate, including for hard-to-value properties.
According to the IRS, it's the price that property would sell for on the open market. This is the price that would be agreed upon between a willing buyer and a willing seller. Neither would be required to act, and both would have reasonable knowledge of the relevant facts.
Is fair market value the same as appraised value? ›
There are two main ways to express your home's value: fair market value vs. appraised value. Fair market value is how much your home would sell for on the open market right now, while the appraised value is your home's objective value as assessed by a certified and licensed home appraiser.
What is fair market value versus cost? ›
Fair Value – Key Differences. Historical cost is the transaction price or the acquisition price at which the asset acquired, or transaction was done, while fair value is the market price that a property can fetch from the counterparty.
What are two common ways to measure fair value? ›
Two common ways to measure fair value are market value and cost.
What are Level 1 Level 2 and Level 3 assets? ›
Level 1 assets are those that are liquid and easy to value based on publicly quoted market prices. Level 2 assets are harder to value and can only partially be taken from quoted market prices but they can be reasonably extrapolated based on quoted market prices. Level 3 assets are difficult to value.
What are the key steps in determining a fair value measure? ›
Fair value measurement application framework:
- Step 1: Identify the unit of account. ...
- Step 2: Identify the unit of valuation. ...
- Step 3: Identify the principal or most advantageous market. ...
- Step 4: Develop assumptions that market participants would use to measure fair value.
Key Takeaways
Market value of equity is the same as market capitalization and both are calculated by multiplying the total shares outstanding by the current price per share.
What is the formula for calculating market value? ›
When the shares of a company are already publicly-held, the easiest way to calculate its market value is to multiply the number of shares outstanding by the current price at which the shares sell on the applicable stock exchange.
What is the formula for fair value? ›
Fair value formula = Cash [1 + r (x/360)] – Dividends
Cash is the security's current value. r is the current interest rate that the broker charges. x is the remaining days in the futures contract. Dividends refers to the total dividends that the investor will earn before the expiration date.
Is the down payment part of your equity? ›
To calculate your home equity, subtract the amount of the outstanding mortgage loan from the price paid for the property. At the time you buy, your home equity would be $17,500 or the amount of your down payment. For perspective, once you have paid off your mortgage you'll have 100% equity in the home.
As mentioned above, home equity is the amount of your home that you actually own. Specifically, equity is the difference between what your home is worth and what you owe your lender. As you make payments on your mortgage, you reduce your principal – the balance of your loan – and you build equity.
How much will my house be worth in 2030? ›
The state where house prices are predicted to be the highest by 2030 is California, where the average home could top $1 million if prices continue to grow at their current rate. Other states expected to see their average house price rise above the $750k mark include Hawaii, Washington and Colorado.
What does contingent mean on Zillow? ›
If you see the word “contingent” on your listing, it means that your buyer is working through any contingencies that were a part of their offer — like a financing contingency, home inspection contingency, or buyer home sale contingency.
Can you pull equity out of your home without refinancing? ›
Sale-Leaseback Agreement. One of the best ways to get equity out of your home without refinancing is through what is known as a sale-leaseback agreement. In a sale-leaseback transaction, homeowners sell their home to another party in exchange for 100% of the equity they have accrued.
Do you have to pay back equity? ›
When you get a home equity loan, your lender will pay out a single lump sum. Once you've received your loan, you start repaying it right away at a fixed interest rate. That means you'll pay a set amount every month for the term of the loan, whether it's five years or 30 years.
What is the cheapest way to get equity out of your house? ›
HELOC and home equity loan rates are much lower than those for credit cards and other types of loans, and they might be easier to qualify for. This is because home equity loans are secured loans, meaning they are backed by collateral (your home, in this case).
What raises equity on a house? ›
By making additional payments, or paying above your minimum payment, you're building equity in the home by paying down the principal. Chipping away at the principal — the amount you owe toward your home before taxes, interest and other fees — can help steadily build your equity.
How soon can you pull equity out of your home? ›
How Soon Can You Get A HELOC After Purchasing A Home? A HELOC can be obtained 30-45 days after the purchase of a home. However, borrowers will need to meet all of the necessary lender requirements, including 15-20% equity in home, good repayment history, and more.
Will my house be worth less in 2023? ›
Zillow still predicts that the vast majority of regional housing markets will see home values appreciating in 2023. Among the 897 regional housing markets Zillow economists analyzed, 853 markets are predicted to see rising house prices over the next twelve months ending with April 2024.
How many years of income should your house be worth? ›
The total house value should generally be no more than 3 to 5 times your total household income, depending on how much debt you currently have. If you are completely debt-free, congratulations—you can consider houses that are up to 5 times your total household income.
Without special care and regular maintenance, their lifespan can reach about 200 years. But even though the materials used in many old houses are designed to last this long, there is still a chance that you will find problems in the structure or foundation.
What does red dot mean on Zillow? ›
A light red dot on the map means that you have previously viewed the property page on our website, while a solid red dot indicates you have not clicked on the home yet.
Why do houses stay contingent for so long? ›
A contingency comes into play when the buyer already has a contract in hand and a closing date on the calendar for their current home. The property does not change to sold status until closing, so the contingency protects the buyer if the sale falls through for any reason.
Is it better to be contingent or pending? ›
A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
