So Whats's My Home Worth?
There are three approaches to determining the value of your home: Market, Cost, Income, and Automated Valuation Models (AVMs). While we may use all of these approaches depending on the real estate project and purpose, we most frequently rely on the market approach.
HOW DOES IT WORK?
AVMs are fun to review and generally point in the right direction. However, value is often very unique, just like you! Let us help you see your home's value in the context of the market and then together emphasis that value to maximize a return for you.
Sometimes called the market data approach, is an estimate of value derived by comparing a property with recently sold properties with similar characteristics. These similar properties are referred to as comparables, and in order to provide a valid comparison, each must:
Be as similar to the subject property as possible
Have been sold within the last year in an open, competitive market
Have been sold under typical market conditions
At least three or four comparables should be used in this process. The most important factors to consider when selecting comparables are the size, comparable features and – perhaps most of all – location, which can have a tremendous effect on a property's market value.
AUTOMATED VALUATION MODELS
There are many automated valuation models (AVMs) that may provide a value estimate including Zillow, ReMax, Chase, everyone has one, even your local bank! AVMs are calculated using statistical models augmented with tax record data and information on regional market conditions (sales activity and pricing trends). Estimate valuations are based on data available at that time. They do not constitute an appraisal of the subject property and should not be relied upon for marketing, underwriting or appraisal purposes.
FREE CUSTOM HOME SEARCH
There are hundreds of home search services on the web, but there is only ONE Original! The multi-list service (MLS) used by Realtors is where all data originates. It has the most timely updates and accurate information.
Please allow us to cusomize a search for YOU!
HOW DOES IT WORK?
Since no two properties are exactly alike, adjustments to the comparables' sales prices will be made to account for dissimilar features and other factors that would affect value, including:
Age and condition of buildings
Date of sale, if economic changes occur between the date of sale of a comparable and the date of the appraisal
Terms and conditions of sale, such as if a property's seller was under duress or if a property was sold between relatives (at a discounted price)
Location, since similar properties might differ in price from neighborhood to neighborhood
Physical features, including lot size, landscaping, type and quality of construction, number and type of rooms, square feet of living space, hardwood floors, a garage, kitchen upgrades, a fireplace, a pool, central air, etc.
The market value estimate of the subject property will fall within the range formed by the adjusted sales prices of the comparables. Since some of the adjustments made to the sales prices of the comparables will be more subjective than others, weighted consideration is typically given to those comparables that have the least amount of adjustment.
HOW DOES IT WORK?
We use the multi-list service to customize your search, schedule appointments convenient to you, and provide seller documents unavailable from other web services. So, let us craft a custom search to help you find the home, vacant land, rental or investment property that fits your lifestyle, family, investment, and goals!