What Is My Home Worth?

Knowing how much your home is worth is an important value to be aware of. Whether you are looking to refinance, take out a home equity product or are ready to sell, you’ll need the most up to date information on what your property is worth. Getting an accurate answer can be difficult though depending on how you go about receiving your estimate.

Home Value Calculators

Online calculators that have you enter your home’s address alone are typically based on Automated Valuation Models, sets of data that use historical figures adjusted for the current market status of the area. These options are instant but lack the detail needed to get a true calculation.

Another area of concern is that there are multiple valuation models used across the nation with any given calculator not specifying which one is being used. Weak points in these calculators don’t stop there. While the data used is reliable, the system will attempt to accommodate market trends and variations that are constantly changing which leaves some calculations outdated as quickly as the next day.

See What Your Home Is REALLY Worth

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Competitive Market Analysis

A Competitive Market Analysis, or CMA, is done manually by a real estate agent to provide the most accurate estimate available. While not an official appraisal, a CMA utilizes an agents knowledge and insights into the real estate market to get as close to the appraisal price as possible without ever setting foot inside the home.

This tool uses more specific data about properties that are nearly identical in both size, quality and location and what they have sold for. Ideally these comparable properties, also known as comps, have been sold in the last three months to give the most accurate glimpse.

After the agent finds the ideal comps, they begin the process of digging through the details of each property to find how it differs from the target home. This can include different features such as the addition of a pool, multi-car garage, solar installations or new repairs such as a replaced roof that has a renewed lifespan. Some other factors include:

  • Location, namely different neighborhoods within the same town or city
  • Size of yard and if privacy features such as fencing has been installed
  • How the number of rooms are distributed between bed and bath
  • How the purchase was made, either financed or in cash
  • Age and current state of the property to consider new homes vs old homes that have been updated

Understanding how each of these variables impacts the price takes subject matter expertise on the housing and construction market, something only the most devoted real estate teams spend time to acquire.

Interested in finding out what your home is worth? Complete the form found on this page to have a member of the Dave Curri team perform the legwork and get you the number you’ve been wondering about. Prefer to provide details over the phone?

Call us or set up an appointment here to get started!