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Thinking About Selling Your Home?
Understanding your home’s value is a critical first step in the selling process. Having a clear picture of your property’s worth helps you make well-informed decisions, whether you're considering selling soon or just planning for the future. It’s important to stay up to date on your home’s equity, so you know the potential profit when it’s time to sell.
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Our evaluation tools provide a more detailed and precise estimate compared to common real estate platforms. For a truly accurate assessment, reach out for a tailored Comparative Market Analysis.
What is a Home Valuation
A home valuation is an estimate of how much your property is worth in today’s real estate market. It considers factors like your home’s size, location, condition, recent upgrades, and how much similar homes in your area have recently sold for. A valuation helps you understand your home's current market value, which is useful whether you're thinking about selling, refinancing, or just want to know how much equity you've built up. While online tools can give a rough estimate, a more detailed assessment, like a Comparative Market Analysis (CMA) or a professional appraisal, will give you a more accurate picture.
How do You Calculate My Value?
The value of your home is determined by several factors, including its location, size, and condition. Homes in desirable neighborhoods with good schools and nearby amenities typically have higher values. The size of your home, including the number of bedrooms and bathrooms, and its overall layout also affect its worth. Upgrades, modern features, and the general condition of the home can increase its value, while outdated systems may lower it. Real estate professionals often look at recent sales of similar homes in your area, called "comps," to gauge your home's worth. Additionally, market conditions, like whether it's a buyer's or seller's market, along with economic factors such as interest rates, can influence the value. Lastly, the size and usability of your lot or yard can also add to the overall value of your home.
How Accurate are Online Valuations?
Online home valuations can provide a general estimate of your property’s worth, but they are often not very accurate. These estimates are generated using algorithms that pull publicly available data. However, they don’t account for specific details about your home, such as recent upgrades, its condition, or unique features that can significantly affect value. Because they rely on automated data and don’t have a real estate expert evaluating your property in person, online valuations can sometimes be off by thousands of dollars. For the most accurate assessment, it’s best to consult with a real estate professional or have an appraiser conduct a detailed, in-person evaluation of your home.