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How Much is Your Home Worth?
INSTANT PROPERTY VALUATION
expert advice
sell for more
click to open
How Much is Your Home Worth?
INSTANT PROPERTY VALUATION
expert advice
sell for more
What's Your
Property Worth?
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.
Our tool provides a more robust, accurate assessment
than you’ll get from the major real estate portals. For the
most precise valuation, reach out to discuss a customized
Comparative Market Analysis or an appraisal.
What is a Home
Valuation?
A home valuation determines the
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.
How is the Valuation of
My Home Calculated?
The 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 comparable homes in the
neighborhood. It also factors in
current market trends and local
market conditions. The valuation tool
is dynamic and can be influenced by
data such as inventory trends,
interest rates, and current buyer
sentiment.
How Accurate is the
Online Home Valuation?
Online home valuations provide a
good starting point and offer a
general estimate of your property’s
worth. However, they may not 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, consider scheduling an
in-person appraisal.
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How Is a Valuation Performed?
Two Accurate Ways to Perform Home Valuations
market analysis
comparative market 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 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 priced out, the price of each comp 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.
Based on a Professional’s Opinion
An appraisal is an unbiased valuation of a home based on a
professional’s opinion. They are usually what mortgage
companies use for home purchases and refinances. A lender
usually orders a home appraisal and the cost of the appraisal,
sometimes up to $500, is paid by the homeowner. An appraiser
does a complete 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.
appraisals
Why Is a Valuation Important?
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.
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.
home improvements
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.
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.
planning
Work with the new england home finders
Let's achieve your goals
Our team is here to simplify the process and help you navigate every step with
confidence. With decades of experience and a commitment to exceptional service, we're
prepared to help you achieve your real estate goals. Let's start the conversation today.
new england home finders
contact us
dino
jackie
address
Dartmouth MA 02748
phone number
All information is deemed reliable but not guaranteed and should be independently reviewed and verified.
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new england home finders
contact us
dino
jackie
address
Dartmouth MA 02748
phone number
All information is deemed reliable but not guaranteed and should be independently reviewed and verified.