Know Your Home's Worth
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Most frequent questions and answers
The home value is often used to determine the amount a property can be sold for, as well as to determine property taxes, mortgage rates, and insurance premiums. It is important to note that the value of a home can fluctuate over time due to changes in the real estate market, economic conditions, and the condition of the property itself.
If you’re considering selling your home, knowing its value can help you make informed decisions about pricing and negotiating with potential buyers. Similarly, if you’re looking to refinance your mortgage, knowing your home’s value can help you determine whether you have enough equity to do so.
Your home value estimate is based on sales price data gathered from the MLS and comparing your home to similar properties in your area that have recently sold. We will look at factors such as location, size, age, and condition to determine a fair market value for your home.
An AVM is a computer-generated estimate of your home’s value based on data such as recent sales in your area, tax assessments, and other public records. While an AVM can give you a general idea of your home’s value, it may not be as accurate as a CMA or appraisal. Websites that display home valuations typically use a computer-generated valuation process. Sometimes the number can be higher, lower or right on the money.
The accuracy of a CMA depends on several factors, including the quality of the data used, the expertise of the person conducting the analysis, and the market conditions at the time of the analysis.
The real estate agent will look at factors such as the number of bedrooms and bathrooms, the square footage of the home, the age of the property, the condition of the home, and any recent renovations or upgrades. They will also take into account the current market conditions in your area, such as supply and demand, and any economic factors that could impact the value of your home. They can provide you with a realistic price range for your home based on current market conditions, which can help you make informed decisions about selling your home.
An appraisal is a more formal process that involves having a licensed appraiser assess your home’s value based on its location, size, age, condition, and other factors. Appraisals are often required by lenders when you’re refinancing your mortgage or selling your home. Since appraisals typically cost a few hundred dollars, most homeowners only pay for a professional appraisal if it is required for a refinance.
Yes, your home’s value can change over time. In fact, it’s quite common for a home’s value to fluctuate, both in the short and long term. It’s important to keep in mind that a home’s value is not static and can change over time.
There are a number of factors that can impact the value of a home, including: local real estate market, home improvements, neighborhood changes, economic conditions, job market, interest rates and natural disasters.