HOW MUCH IS YOUR HOME WORTH?

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WHAT'S YOUR PROPERTY WORTH?

Home valuations give you valuable knowledge that can help you plan for the future and make smart decisions. Its 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 provided is a more robust, accurate assessment that you will get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparitive Market Analysis or appraisal.

WHAT IS HOME VALUATION?

Home valuation is the process of determining a property's market value based on factors such as location, condition, size, recent sales of similar homes, and current market conditions. It helps homeowners, buyers, and lenders understand how much a property is worth. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral, which means it secures the loan. If you fail to repay the loan, the lender has the legal right to foreclose on the property and sell it to recover their money.

HOW IS THE VALUATION OF MY HOME CALCULATED?

The value of your home is calculated using a combination of factors including it's location, age, size, condition, any improvements or renovations made, and recent sales prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer settlement.

HOW ACCURATE IS THE ONLINE 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, architectural significance, and subjective market perception that could impact your home's actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.

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HOW IS A VALUATION PERFORMED?

COMPARATIVE MARKET ANALYSIS

A Comparative Market Analysis (CMA) is a report prepared by a real estate agent to estimate a home's market value based on recent sales of similar properties in the area. It helps sellers price their home competitively and buyers make informed offers.

A real estate agent evaluates comparable homes ("comps") by looking at:

Recently Sold Homes – Properties of similar size, condition, and location sold in the last 3-6 months.
Active Listings – Homes currently for sale that may compete with the property.
Pending Sales – Homes under contract that indicate current market trends.
Expired Listings – Homes that didn’t sell, often due to overpricing.

BASED ON A PROFESSIONALS OPINION

A home appraisal is a professional unbiased assessment of a property's market value, conducted by a licensed, third-party appraiser. Lenders require appraisals when issuing a mortgage to ensure that the home’s value supports the loan amount. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. Appraisals are also used for refinancing, home equity loans, and estate settlements.

During a home appraisal, a licensed appraiser evaluates the property’s condition, features, and market value through an on-site inspection and market analysis. The inspection includes assessing the home’s size, layout, condition, upgrades, and curb appeal, as well as major systems like the roof, HVAC, and plumbing.

The appraiser then researches recently sold comparable homes ("comps") in the area to determine a fair market value, adjusting for differences in features and condition. Once the inspection and analysis are complete, the appraiser prepares a detailed report with the final valuation, which is submitted to the lender. This process ensures buyers don’t overpay, sellers price their home accurately, and lenders confirm the home’s value before approving a mortgage. If the appraisal comes in lower than the agreed sale price, negotiations may be necessary to adjust the deal.

WHY IS A VALUATION IMPORTANT?

A home valuation is essential for refinancing because lenders require an updated assessment of the property's worth before approving a new loan. If the home has appreciated in value, homeowners may qualify for better interest rates or even remove private mortgage insurance (PMI). However, if the home’s value has decreased, refinancing may not be an option or could result in less favorable terms.

For home improvements, knowing a home’s value helps homeowners decide whether investing in renovations will provide a good return on investment. Certain upgrades, such as kitchen remodels, bathroom renovations, or energy-efficient additions, can increase a home’s value and make it more attractive to buyers if the owner decides to sell. A professional valuation helps determine which improvements will have the biggest financial impact.

Home valuation also plays a key role in qualifying for credit, especially when applying for a home equity loan or a home equity line of credit (HELOC). Lenders use the home’s appraised value to determine how much equity a homeowner has, which directly affects the amount they can borrow. A higher home valuation can result in a larger loan amount and better loan terms, while a lower valuation may limit borrowing power.

For financial planning, understanding a home’s value helps homeowners make long-term decisions about selling, downsizing, or leveraging home equity for retirement or investments. It also provides insight into market trends, helping homeowners decide the best time to sell or refinance. Knowing your home’s worth allows for better budgeting and wealth-building strategies, ensuring that your property remains a strong financial asset.