Content of the material
- Frequently Asked Questions
- What is an AVM?
- Are AVMs Accurate?
- How Do I Get a More Accurate Estimate?
- What is a Comparative Market Analysis (CMA)?
- crunch the numbers with our refinance calculator
- Tracking Your Homes Value
- 5 ways to find out what your house is worth
- 2. Ask a real estate agent for a free comparative market analysis
- 3. Check your county or municipal auditor’s website
- 4. Identify trends with the FHFA House Price Index calculator
- 5. Hire a professional appraiser
- How can I add value to my home?
- You’re now leaving Chase
Frequently Asked Questions
What is an AVM?
An AVM is a computer-generated algorithm that uses historic, public sales data and trends to estimate a home’s value.
Are AVMs Accurate?
Typically, national AVMs are not a good representation of a home’s actual value and have a large margin of error. The values generated by AVMs are based on automated computer modeling from public records and may not represent the true value of the home as they cannot take into account the nuances of our local market.
How Do I Get a More Accurate Estimate?
For the most accurate estimate, contact us to request a Comparable Market Analysis (CMA). This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area.
What is a Comparative Market Analysis (CMA)?
A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently been sold. By taking into account certain aspects of a home that may affect its value and marketability, including market conditions, location, and the home’s amenities and overall condition, our agents are able to better assist you in determining the value of your home.
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Tracking Your Homes Value
We’ve watched home values go up most of our lifetimes. Rising home prices have a significant effect on our wealth, and ability to borrow. Even if you don’t plan to sell your home, watching your home’s value increase over time can be a lot of fun.
Many people have used their home equity smartly to consolidate personal debt or to invest in building a business from their home. While it’s important to always understand your asset values, try not to get attached to the ups and downs too much.
Remember, these websites and others let you watch your home’s value grow aren’t exact, and the only time you’ll get a true answer to the question “how much is my home worth?” will be when you go to sell or borrow against the home.
If you want “the real thing” – as in, a price that reflects every factor that goes into a home’s sales price – you should meet with at least 2 or 3 realtors or mortgage lenders to get price suggestions.
Chances are, a realtor will be able to offer more insight into your local market than any online real estate tool ever could.
5 ways to find out what your house is worth
2. Ask a real estate agent for a free comparative market analysis
- Best for: Those who are selling or considering selling a home
Real estate agents typically offer a comparative market analysis (CMA) for free in hopes of winning your business if you’re selling your house. To complete the CMA, the agent pulls data about recent sales of comps in the area. They then draw on their knowledge of the neighborhood and any special characteristics of your property to estimate its value. A buyer’s agent may also provide this same service for any home you want to make an offer on.
“A good agent will have the tools necessary to drill down and find an accurate market value,” says Robert Krasow, a Realtor with Michael Saunders & Company in Sarasota, Florida. “An experienced professional follows the market, looks at home conditions and knows the neighborhood — all while making determinations using both data and their expertise.”
- Pros: It’s a plus to have an expert identify comps, answer questions and give guidance.
- Cons: Real estate agents may use different comps or have conflicting opinions of your home’s value. In addition, if there haven’t been many sales in the neighborhood or the comps are not that similar to your property, the estimate won’t be as accurate.
3. Check your county or municipal auditor’s website
- Best for: Those who want to understand their home’s value from a tax perspective
County auditors periodically assess the value of residential properties for property tax purposes, and this information is searchable online. You can look up the assessed value of your house to see if it has appreciated, or compare the figures with other homes for sale.
- Pros: This objective data is easily accessible and provides another point of comparison.
- Cons: This estimate is for the taxable value of your home and may not reflect some of the market factors that affect the sales price, such as time of year, competitiveness or curb appeal. In some localities, assessed values may be far off from market values, and it can take some research to find them.
4. Identify trends with the FHFA House Price Index calculator
- Best for: Those who want to understand property price trends in their area over the time they’ve owned their home or another period
The Federal Housing Finance Agency’s House Price Index (HPI) calculator offers yet another take on home value. The tool analyzes historical mortgage data to project what homes in your state or metropolitan area are likely to be worth based on the rate of appreciation of all homes in the area over a given period.
- Pros: The calculator draws on data from tens of millions of home sales and offers insights about broad house price fluctuations, so homeowners can compare the relative affordability of neighborhoods over a period of time.
- Cons: This calculator doesn’t estimate the market value of a particular house. Instead, it offers a look at home price appreciation or depreciation over time. While this will give you a general idea of the local market, it won’t drill down into the specifics of your property.
5. Hire a professional appraiser
- Best for: Those who want the most professional home value estimate, and may want to use the data as they consult with a mortgage lender
Mortgage lenders hire appraisers to confirm the value of a house before approving a loan. Some home sellers choose to take the extra step of hiring an appraiser, but it’s not required. The appraiser considers the characteristics of the property, such as how many bedrooms and bathrooms it has, as well as comps, similar to a CMA prepared by a real estate agent.
- Pros: Professional appraisers are typically licensed or certified by the state they work in and can provide an objective opinion of the value of a home.
- Cons: If you’re seeking a mortgage, you’ll have to pay for the appraisal the lender orders. An appraisal costs an average of about $340, but can be anywhere from roughly $300 to $420, according to HomeAdvisor.
Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase. Use our home value estimator to estimate the current value of your home. See our current refinance rates and compare refinance options.
How can I add value to my home?
You don’t get a second chance to make a first impression, and this bit of wisdom can apply to your home and its value.
“Your property’s curb appeal does make a difference,” Duffy says. “Make your home welcoming and tidy — cut your grass, trim any shrubs and add some new plants or flowers.”
A fresh coat of paint either on the interior or exterior of the house will more than pay you back for the money spent, Duffy adds: “This is one of the most cost-effective ways to improve value.”
A minor bathroom or kitchen update (as opposed to large-scale renovations) can also help improve your home’s resale value. You can simply replace an outdated sink, old tiles or dated light fixtures to give these spaces a refresh.
“It also pays to install a new garage door,” Duffy says. “Some reports estimate a new garage door can increase home values by 4 percent — great curb appeal does matter.”
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