A Realtor® Answers Your 'Home Value' Questions - get the most accurate estimate!
Updated: Aug 19, 2024
By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa
The value of your home is measured simply by what a buyer is willing and able to pay.
Real Estate Comps: Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought.
Q: Are Online Home Value Estimators Accurate?
A: Yes & No.
Online home value estimators can provide a general idea of a property's value, but their accuracy may vary. Factors such as market fluctuations, unique property features, and local market conditions are not always accurately reflected. For a more precise valuation, it's advisable to consult with a real estate professional who can conduct a thorough analysis of the property and consider all relevant factors.
Q: Why Should I Request My Agent To Run Comps On My Property?
A: You can get an actual and realistic estimate of housing trends in YOUR neighborhood.
A comp, or comparable sale, is typically a recently sold home in your area that’s similar to your home in location, size, condition, and features. Real estate agents use comps from the local multiple listing service (MLS) to create a comparative market analysis (CMA). It’s a collection of nearby comps, put together to help an agent and seller decide on a good listing price. Savvy real estate agents regularly run comps (even when not tied to one particular deal) to keep an eye on their local market and gauge overall trends.
Q: Why Should I Be Concerned About the Value Of My Home If I'm Not Looking To Sell?
A: A few reasons
1.) FINANCIAL AWARENESS
Knowing your home's value helps you understand your overall net worth.
Allows you to make informed financial decisions based on the potential equity in your home.
Provides an estimate for refinancing options or securing a home equity loan.
2.) PROPERTY TAX ASSESSMENT
Knowing your home's value helps you understand your property tax obligations.
Allows you to assess the accuracy of your tax assessments and potentially appeal if necessary.
Helps you plan your budget accordingly and avoid surprises
3.) Insurance Savings
An accurate estimation ensures you have appropriate coverage in case of damage or loss.
Allows you to adjust your insurance policy to reflect changes in your home's value.
Ensures you receive adequate compensation in case of a claim
Q: How Will You Determine The Value Of My Home?
A: Your home's value is determined simply by how much a buyer is willing to pay.
Location, property condition, and home features play a major role in determining this value. Unlike automated valuation calculators that you may find online - an experienced agent will make an accurate assessment based on sales of similar homes and the current market conditions in YOUR specific neighborhood.
Q: How Long Will A Home Value Estimate Take?
A: Minutes!
With the right details, I can give you a stellar estimation in under 30mins!
Q: What Information Do You Need From Me?
A: Not much!
The year the home was built
Sq footage
Number of bedrooms & bathrooms
A list of major renovations made to the home since purchase, if there have been any
A home value estimate from an experienced Realtor® is the absolute best way to assess the true value of your biggest investment. Reach out to me for your free estimate and we will make sure you are well-informed about your property and its worth.
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