Your Home Valuation
I want to let you in on a little secret:
Online home valuation tools, also known as automated value models, aren’t always accurate.
The best ways to determine the true market value of your home are to:
- Hire a professional appraiser
- Contact an experienced real estate agent who knows your area for a free consultation.
While home appraisals are required by lenders before a transaction, a property owner can request an appraisal at any time—particularly if you’re looking to refinance your mortgage, apply for home equity lines of credit or for any other purpose.
However, if you’re looking to sell your home, it’s really important to work with a seasoned real estate agent who can give you the true value of your home and set the right price by providing you with a comparative market analysis.
Comparative Market Analysis (CMA)
A comparative market analysis, also known as a CMA, is a thoroughly produced estimate of the property value based on similar properties that have recently sold in the same area. CMAs are generally based on the sales data from three similar homes, or “comps,” that have sold in your area in the last 3–6 months. The real estate agent will then conduct a thorough walkthrough of your property, evaluating its age and condition, square footage, the number of bedrooms and bathrooms, lot size, layout, special features, improvements and other notable characteristics to determine its value before giving you pricing recommendations and listing the property.