Enter your property details to get an estimated home value.
Estimated Home Value
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Understanding Your Home Value Estimation
Estimating the market value of your home is a crucial step for various financial decisions, whether you're considering selling, refinancing, or simply want to understand your property's worth. While professional appraisals provide the most accurate assessment, online tools like this Wells Fargo Home Value Estimator can offer a quick, data-driven estimate based on key property characteristics and recent market trends.
This calculator uses a simplified model to approximate your home's value. It considers several significant factors that influence real estate prices:
Square Footage: The total living area of your home is a primary driver of value. Larger homes generally command higher prices.
Year Built: The age of a home can impact its value. Newer homes might have modern amenities and be built to current codes, while older homes may offer character or require updates.
Number of Bedrooms and Bathrooms: These are key indicators of a home's functionality and capacity, directly affecting its appeal to potential buyers.
Lot Size: The amount of land your property sits on can be a significant factor, especially in areas where land is scarce or highly valued.
Recent Renovations: Upgrades to kitchens, bathrooms, roofing, or HVAC systems can significantly increase a home's marketability and value. The cost of these renovations is factored in as a positive influence.
How the Estimation Works (Simplified Model)
The calculation below employs a baseline value per square foot, adjusted by the other factors you provide. It's important to understand that this is a generalized model and doesn't account for hyper-local market nuances, specific features, or the condition of your home in detail.
The core logic is as follows:
Base Value = Base Price Per Square Foot * Square Footage
Value Adjustment = (Bedrooms * Bed Adjustment Factor) + (Bathrooms * Bath Adjustment Factor) + (Lot Size * Lot Adjustment Factor) + (Factor for Age) + (Factor for Renovations)
Estimated Home Value = Base Value + Value Adjustment
For this calculator, we use hypothetical adjustment factors and a base price per square foot. For example:
A base value per square foot might be set at $150.
Each bedroom adds $10,000.
Each bathroom adds $15,000.
Each acre of lot size adds $50,000.
Homes are adjusted slightly for age (e.g., a small deduction for very old homes, a small premium for very new ones).
Renovations are added directly, up to a certain percentage of the base value.
Disclaimer: This calculator provides an estimate for informational purposes only. It is not a substitute for a professional home appraisal or a comparative market analysis (CMA) performed by a licensed real estate agent. Market conditions, specific property features, and local trends can significantly impact the actual market value of your home. Wells Fargo does not guarantee the accuracy of this estimate.
function estimateHomeValue() {
// Get input values
var squareFootage = parseFloat(document.getElementById("squareFootage").value);
var yearBuilt = parseFloat(document.getElementById("yearBuilt").value);
var bedrooms = parseFloat(document.getElementById("bedrooms").value);
var bathrooms = parseFloat(document.getElementById("bathrooms").value);
var lotSize = parseFloat(document.getElementById("lotSize").value);
var recentRenovations = parseFloat(document.getElementById("recentRenovations").value);
// Define base parameters and adjustment factors (these are illustrative and can be tuned)
var basePricePerSqFt = 150; // Example: $150 per square foot
var bedroomValue = 10000; // Example: $10,000 per bedroom
var bathroomValue = 15000; // Example: $15,000 per bathroom
var lotAcreValue = 50000; // Example: $50,000 per acre
var ageFactor = 0.98; // Example: Value decreases slightly with age (applied as a multiplier)
var renovationCapPercentage = 0.20; // Example: Renovations add value up to 20% of the base value
var estimatedValue = "–"; // Default value
// Basic validation for non-negative numbers
if (isNaN(squareFootage) || squareFootage <= 0 ||
isNaN(yearBuilt) || yearBuilt <= 0 ||
isNaN(bedrooms) || bedrooms < 0 ||
isNaN(bathrooms) || bathrooms < 0 ||
isNaN(lotSize) || lotSize < 0 ||
isNaN(recentRenovations) || recentRenovations 50) {
// Example: For homes older than 50 years, apply a small multiplier reduction
ageDeductionMultiplier = Math.max(0.8, 1.0 – (homeAge – 50) * 0.002); // Cap reduction at 20%
} else if (homeAge < 5) {
// Example: For very new homes, apply a small premium multiplier
ageDeductionMultiplier = 1.02;
}
// Apply age adjustment to base value (or could be separate)
var agedBaseValue = baseValue * ageDeductionMultiplier;
// Calculate total value before renovation cap
var potentialValue = agedBaseValue + bedroomAdjustment + bathroomAdjustment + lotAdjustment;
// Factor in renovations, but cap it
var renovationValue = Math.min(recentRenovations, potentialValue * renovationCapPercentage);
// Final estimated value
var finalEstimatedValue = potentialValue + renovationValue;
// Display the result
// Format as currency
estimatedValue = "$" + finalEstimatedValue.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
document.getElementById("estimatedValue").innerText = estimatedValue;
}