How Much Is Your Home Worth?
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Home valuations give you valuable knowledge that can help you plan for the future and make smart decisions. It’s good practice to stay informed about how much equity you have in your home and how much you may be able to borrow against it or sell it for.
Our tool provides a more robust, accurate assessment than you’ll get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis or an appraisal.
A home valuation determines the current market price of a residential property. It is crucial for real estate transactions, preventing negative equity for a buyer and financial losses for a seller. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds.
A thorough home valuation helps a seller know the most probably selling price of their home and it helps a buyer know an appropriate amount to offer when purchasing. Once under contract, a professional Appraiser will confirm the value of a home by doing a full appraisal for the lender to confirm the home is worth the sales price agreed upon.
The recommended valuation price of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions as well.
The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment. Just know, the real estate market fluctuates regularly and change change from one month to the next so check back as it gets closer to the time you want to sell!
Online home valuations provide a good starting point and offer a general estimate of the most probable price your property will sell for. However, valuations may not factor in very recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your home’s actual market value based on an opinion from a licensed real estate appraiser. The data relied upon may also be inaccurate, so errors can sometimes occur.
For the most accurate assessment, consider scheduling an in-person appraisal. Contact us for recommendations!
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Two Accurate Ways to Perform Home Valuations
A Comparative Market Analysis (CMA) is a process used by real estate agents to accurately price a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find a minimum of three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are identified, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
The final dollar amount is the recommended price the agent believes the property will most likely sell for.
An appraisal is an opinion of value from a licensed, professional appraiser. They are hired by home sellers, home buyers or lenders to determine the actual value of a home based on the current market conditions, location, age, property condition, and use of the property. Appraisals can be used for multiple things, but they are most commonly used when a buyer is obtaining a mortgage to purchase a home or if a current homeowner wishes to refinance their mortgage.
A lender usually orders the home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the borrower (either the buyer or the current homeowner). An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information. The final property valuation is given to the lender for them to determine if the property is a safe asset for them to lend on, and it protects the buyer or homeowner from loses due to negative equity.
Situations When a Home Valuation May Be Necessary
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
If you’re doing home improvement projects to increase the resale value, you want to make sure the work and investment you are putting into your property will increase it's value, not over inflate the price to where you cannot sell it and recoup your investment. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home currently compares with others in the neighborhood and let this guide your home improvement decisions.
HOME EQUITY LINE OF CREDIT
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20% or more of equity. Getting a home valuation will help you determine if you can qualify for a HELOC and can be used by the lender to make a decision on whether your home qualifies for that type of loan.
FUTURE & ESTATE PLANNING
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you. Most of the time, your real estate investment is your largest asset so knowing it's worth is not only critical but a necessity to plan for the future of your estate.