Wondering how much your home is worth?
There are some important considerations in determining how much your home is worth.
Automated valuation methods:
Please don’t make the mistake of relying solely on automated home valuation methods. Automated tools are used by many popular real estate websites, including this one. Automated valuation methods are everywhere. Many times you will get different values depending on what site you use and when you use it. Many real estate agents and other companies use these sites to identify possible home sellers.
There is a link to an automated value on this site as well. It is free to use with no strings attached. But please use it with caution. Your value may be much higher or lower than your real market value or a suggested listing price. Because we have such a wide range of homes in our area, these models are often inaccurate. That said, please feel free to look here and see what the model tells you your home may be worth: https://sheilameuse.exprealty.com/sell.php
An article in Inman illustrates the limits of automated valuation models (involving Zillow’s own CEO!):
Zillow CEO home “Zestimate” off by 40%
Automated estimates may be points of discussion in determining home value when working with a qualified professional. However, they don’t replace the expertise and personalization of a real estate professional or professional appraiser in getting a more accurate picture of value.
Competitive Market Analysis or Appraisal:
It’s important to get a professional and personalized valuation of your home for a number of reasons. This applies whether you are thinking of selling your home now or may sell in the future. Licensed Real Estate Professionals and Licensed Appraisers are in the best position to assess the value of local real estate. The can also explain market trends to you. Understanding market trends can help you decide how to price your home.
A competitive market analysis (CMA) is a great way to get started. A CMA is performed by a licensed Real Estate agent. Some agents are more skilled at the CMA than others, so you will want to ensure your agent has the skills to most accurately evaluate your property. The CMA is a detailed assessment of how much your home is worth considering the market and unique features of your home. Keep in mind the value from a CMA is based on a point in time. Your home’s value may rise or fall over the upcoming months. That means if you get a CMA now but plan to put your home on the market next year, you would likely notice a change in the results. But, nevertheless, the (CMA) is one of the most accurate ways to determine value. If you’d like to set up a complimentary consultation for a CMA on your home, just contact us. We can set a time that will work for you.
For more insights on home equity and home valuation check out my blog: The Home Equity Playbook