What Is Your Home Worth?

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What is a Home Valuation Estimate?

Our home valuation site can help you gain knowledge about the value of your home taking into consideration the conditions of the market in the area. Knowing the value of your property is essential when you are preparing to list it for sale. As a home seller, having a licensed broker perform a market analysis so you know what your home is worth to correctly determine a sales price, is the most useful application of a home valuation.

How does a Home Valuation Estimate Work?

Other sold or for-sale properties in your neighborhood may help determine a fair price for your house, yet they do not necessarily reflect the real value of your home. The value of your home is not always equal to what other homes in the area are selling or have sold for. For example, let’s say the average sales price of a house in your neighborhood might be $450,000; the value of your home and the final sales price could be higher or lower. There are many variables; for instance, a potential home buyer may find a costly problem in your home during an inspection that you might not have been aware of. Or they may find your home loaded with upgrades even though it may be similar to others in the area in style or model. Depending on many situations the true value of your home could be lower or higher than actual sales prices in the area.

What is the Difference Between Home Valuation and an Appraisal

As a home seller, you may or may not be required to obtain an appraisal as a condition of the sale of your home. An appraisal is most often required by a mortgage lender when the purchaser is applying for a commercial, VA, or FHA loan to secure the funds to close on your home. The buyer’s lending institution often dictates the choice of who performs the appraisal and is generally reported on a standardized form like the Uniform Residential Appraisal Report. This is to ensure the mortgage lender that the amount they loan on the property in addition to down payment requirements is equal to the true home value.

Appraisal reports are typically used to set the sale price of a property as they form the basis for mortgage loans. An appraisal report contains much greater detail than a home valuation or market analysis; as it is the process of developing an opinion of value for real property by a certified, licensed appraiser. The appraiser takes into account many factors regarding the uniqueness of your home, its location as well as the cause of the sale.

Appraisal reports are typically based on several different types of value as well as using one of the three cost approaches to determine value.