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Home Valuation
Curious About Your Home’s Value?
Knowing what your property is worth can help you make confident, informed decisions—whether you’re thinking about refinancing, selling, or just keeping tabs on your investment.
Our valuation tool offers a deeper, more accurate look than what you’ll typically find on popular real estate websites. For the most detailed insight, we’re happy to provide a personalized Comparative Market Analysis or help arrange a professional appraisal.
What Does a Home Valuation Really Mean?
A home valuation is an estimate of your property’s current market worth. It’s a key part of any real estate transaction, helping to ensure that buyers, sellers, and lenders are making financially sound decisions.
For lenders, it’s especially important—since the home serves as collateral for the mortgage. If the borrower can’t repay the loan, the lender may need to sell the property to recoup the balance. A solid, accurate valuation helps protect everyone involved from unnecessary financial risk.
How Is Your Home’s Value Determined?
Several key elements come into play when estimating your home’s worth. These include where it’s located, its age, square footage, overall condition, and any upgrades or renovations you’ve made. Recent sales of similar properties nearby also play a big role.
In addition to these basics, broader market influences—like housing inventory, interest rates, and buyer demand—can shift your home’s value. Our valuation tool takes all of this into account to give you a well-rounded, up-to-date estimate.
How Reliable Is an Online Home Valuation?
Online tools can give you a quick snapshot of your home’s potential value, but they only provide a broad estimate. They often miss details like recent upgrades, unique design features, historical significance, or other qualities that can influence what buyers are willing to pay. For the most precise valuation, it’s best to have a professional appraisal done in person.
How Is a Home Valuation Done?
There are two reliable ways to determine a property’s value: a Comparative Market Analysis (CMA) and a professional appraisal.
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Comparative Market Analysis (CMA):
A CMA is typically prepared by a real estate agent to estimate a home’s value based on recent sales of similar properties nearby. The agent selects comparable homes—ideally three—that closely match the size, location, and features of your property. These “comps” are then carefully reviewed, and any differences (like a remodeled kitchen or extra square footage) are factored in to adjust the pricing. The goal is to estimate what your home would likely sell for in today’s market.
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Professional Appraisal:
An appraisal is a formal, unbiased evaluation conducted by a licensed appraiser. It’s often required by lenders during the home buying or refinancing process. The appraiser performs a full inspection of the home, inside and out, and considers recent sales, market trends, and property details. The final report includes thorough documentation—photos, maps, measurements, and analysis—aimed at determining a fair market value. The cost is usually covered by the homeowner and can run up to around $500.
Why Knowing Your Home’s Value Matters
There are several key situations where having an accurate home valuation is not just helpful—it’s essential:
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Refinancing:
When you refinance, lenders determine how much you can borrow based on your home’s current value. Most will allow you to borrow between 75% and 96.5% of your home’s worth. The more equity you have, the better your chances of securing favorable terms. A current valuation ensures you know where you stand before starting the process.
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Home Renovations:
If you’re investing in home improvements to boost resale value, a valuation can help you make smart choices. It shows how your home stacks up against others in the area, so you don’t risk over-improving and pricing yourself out of the neighborhood.
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Applying for Credit:
Thinking about tapping into your home’s equity through a HELOC or similar loan? You’ll typically need at least 20% equity to qualify. A home valuation will not only help you gauge eligibility but is often a required step in the loan approval process.
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Financial Planning:
Even if you’re not buying, selling, or borrowing right now, knowing your home’s value can help you prepare for the unexpected—like a sudden move or financial emergency. Understanding your equity gives you options and helps you make confident decisions about your future.