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How much is my home worth?
If you want to know how much your home is worth, get a free home valuation. Knowing how much your home is worth 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.
Unlike online tools like zestimate, our tool provides a more robust and accurate assessment. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis or an appraisal.
Whats a home valuation?
A home valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recoup its costs. As a result, the home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
How is a home valuation calculated?
Several factors determine your home's value: location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. Current market trends and local conditions also play a role. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
How accurate is a home valuation?
Online home valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, or architectural significance. Subjective market perception can also impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
How is a Valuation Performed
CMA
A comparative market analysis (cma) is the tool real estate agents use to value a home. Agents find comparable home sales in your area and use them to conduct a sales comparison. In most cases, an agent will find up to five homes that have recently sold with similar features. The agent then analyzes each one for the differences between the comparable homes and the home being valued. Once these differences are priced out, the price is adjusted based on what it would cost with or without certain features.
CMA
A comparative market analysis (cma) is a tool used by real estate agents to value a home. Agents find comparable home sales in your area and use them to conduct a sales comparison. In most cases, an agent will find up to five homes that have recently sold with similar features. Each one is then analyzed for the differences between the comparable homes and the home being valued. Once these differences are priced out, the price is adjusted based on what it would cost with or without certain features.
An appraisal is an unbiased valuation of a home, based on the opinion of a licensed professional. Mortgage companies order appraisals for home purchases and refinancing. The mortgage companies order the home appraisal, and the homeowner pays the cost. Specifically, the 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. Their report includes a street map showing the home and any comparable sales, photos, square footage, and any other relevant information.
Appraisal
Appraisal
An appraisal is an unbiased valuation of a home based on a professional’s opinion by a licensed professional. They are typically used by mortgage companies for home purchase and refinancing. A lender orders a home appraisal, and the homeowner pays the cost. 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, 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.
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Why is a Valuation Important
Refinancing
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 95% 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.
Home Improvements
If you’re doing home improvement projects to rehabilitate or increase the resale value, you want to make sure you’re not pricing yourself out of the market. 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 compares with others in the neighborhood and let this guide your home improvement decisions.
Qualify for Credit
If you’re doing home improvement projects to rehabilitate or increase the resale value, you want to make sure you’re not pricing yourself out of the market. 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 compares with others in the neighborhood and let this guide your home improvement decisions.
Planning
Though it’s not necessary, simply knowing the value of your home is good information to have. It can help you plan for the future and deal with unforeseen circumstances, such as needing to relocate or borrow against your home. Knowing how much equity you have in your home at any given time is useful information.
Refinancing
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 95% 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 rehabilitate or increase the resale value, you want to make sure you’re not pricing yourself out of the market. 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 compares with others in the neighborhood and let this guide your home improvement decisions.
Home Improvements
Qualify for Credit
Borrowing cash against your home, or 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%. A home valuation will help you determine if you qualify, and your lender will use it to decide your creditworthiness.
Though it’s not necessary, simply knowing your home's value is good information to have. It can help you plan for the future and deal with unforeseen circumstances, such as needing to relocate or borrow against your home. In short, knowing your home equity at any given time is simply smart financial planning.
Planning
What to expect from a home valuation
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