MARKET ANALYSIS
How Much Is Your Home Worth?
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Please remember that this is an estimated valuation generated using algorithms that do not take into account your specific property and neighborhood characteristics. For a more accurate valuation that is customized to your property, reach out to Nancy for a no-obligation visit.
Nancy Carroll
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Home valuations give you valuable knowledge that can help you plan for the future and make smart decisions. It’s 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.
The instant valuation tool offered here is no substitute for an in-person visit by Nancy and Brad to customize a Comparative Market Analysis for your specific home and the current market conditions, so don't hesitate to reach out.
This instant valuation tool provides a more robust assessment than you’ll get from the many real estate portals offering similar features. With the wide variation you may see from site to site, please remember that for the most precise valuation, it's always best to schedule an in-person visit..
A home valuation aims to determine the approximate current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The estimated value of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of homes with similar features in the neighborhood. It also factors in market trends and local conditions. The tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online home valuations provide a starting point and offer a general estimate of your property’s worth. However, they cannot 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, request an in-person visit from Nancy using the contact button at the top of the page.
Two Accurate Ways to Perform Home Valuations.
MARKET ANALYSIS
A Comparative Market Analysis (CMA) is a report typically created by a real estate broker in order to estimate the market value a home. It evaluates homes that have recently sold in the same area in order to project a value for the subject property.
Brokers find recent sales and conduct a comparison of features that influence market value. In most cases, an agent will use at least three homes that have recently sold and are as similar to (and located as close to) the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are assessed, the price of each comparable is adjusted to see what it would cost if it was identical to the home being valued, were it to be sold in the current market.
Given the varied topography and the lack of uniformity of the housing stock in the greater Seattle area, individual home characteristics play a huge role in market value, which is why automated valuation models in this area are typically incorrect.
APPRAISALS
An appraisal is a valuation of a home based on a professional appraiser’s calculations of property and market characteristics. They are often required by mortgage companies for home purchases and refinances. A lender typically orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the buyer or homeowner through the loan's closing costs.
An appraiser does a visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, 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.
One key difference in the appraiser's assessment of comparable properties is that (unlike real estate brokers) they typically only evaluate comparable properties from the outside, whereas brokers and agents have typically viewed the interiors of the comparable properties as well.
Situations When a Home Valuation May Be Necessary.
REFINANCING
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
HOME IMPROVEMENTS
If you’re doing home improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home compares with others in the neighborhood and let this guide your home improvement decisions.
QUALIFYING FOR CREDIT
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could 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 valuation will help you determine if you qualify and will be used by the lender to make a decision on your loan.
ESTATE OR COURT PROCEEDINGS
A personal representative, executor or a surviving spouse may require a valuation in order to settle the estate of the property owner.
In divorces or dissolutions of marriage, a valuation may be requested by a mediator, attorney, or judge.
PLANNING
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you.