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DO YOU KNOW THE VALUE OF YOUR HOME?
PROPERTY VALUATION
EXPERT ADVICE
SELL FOR MORE
WHAT IS THE VALUE OF A PROPERTY?
Property valuations provide valuable insights that can help you plan for the future and make smart decisions. It's good practice to be informed about how much equity you have in your home and how much you could borrow against it or how much you could sell it for.
WHAT IS A RESIDENTIAL EVALUATION ?
A residential home evaluation is an estimate of your property's current market value based on recent sales, market trends, and your home’s unique features. It helps homeowners understand what their home could sell for in today’s market. It is crucial for real estate transactions, preventing over-borrowing and financial losses.
Can be use when selling your home to find he correct price to list or if you want to re-finance your currently mortgage.
HOW PROPERTY VALUE CALCULATED?
Your home's value is calculated using a combination of factors, including its location, age, size, condition, any improvements or renovations made, and recent sales prices of comparable homes in the neighborhood. Current market trends and local market conditions are also considered. The valuation tool is dynamic and may be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
EXPLORE THE MARKET LISTING IN YOUR AREA
HOW TO ANALIZE AN EVALUATION
Two precise ways to perform home valuations
MARKET ANALYSIS
COMPARATIVE MAKET ANALYSIS
A Comparative Market Analysis (CMA)
is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three recently sold homes that are as similar as possible and located as close as possible to the home being valued. Each of these is analyzed to identify the differences between them and the home being valued. Once these differences are quantified, the price of each comparable property is adjusted to see what it would cost if it were identical to the home being valued in the current market.
BASED ON THE OPINION OF A PROFESSIONAL
APPRAISALS
An appraisal is an impartial valuation of a home based on a professional's opinion. It's generally what mortgage companies use for home purchases and refinancing. A lender typically orders a home appraisal, and the cost, sometimes up to $500, is paid by the homeowner. An appraiser conducts a thorough visual inspection of the home's interior and exterior, taking into account recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including a sketch of the building's exterior, 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.
WHY IS AN EVALUATION IMPORTANT
Situations in which a home evaluation may be necessay
REFINANCING
Lenders base loan amounts on your property's value and typically allow you to borrow between 75% and 96.5% of your home's value against it. Knowing your home's value allows lenders to calculate your home equity. The more equity you have, the better terms you'll receive on your refinance.
If you're undertaking home improvement projects to increase resale value, you'll want to ensure you're not overvaluing the property. If your home is already valued at the higher end for your neighborhood, making too many improvements could make it harder to sell. By getting an appraisal, you can see how your home compares to others in the neighborhood and let that guide your home improvement decisions.
HOME IMPROVEMENTS
CREDIT RATING
If you want to borrow cash against your home, a Home Equity Line of Credit (HELOC) might be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20%. Getting a home appraisal will help determine if you qualify and will be used by the lender to make a decision about your loan.
While not strictly necessary, simply knowing your home's value is good information to have. It will help you plan for the future and prepare for unforeseen circumstances that might require extra cash or a quick relocation. Knowing how much equity you have in your home and how much you could borrow against it or sell it will help you respond to any unexpected financial challenges life may throw your way.
PLANNING
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