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Knowing the estimated value of your own home helps you price your home for sale, as a precursor to an official housing rate. Understanding the value of your home allows you to estimate the proceeds of a future home sale, so you can get a better estimate of your budget for your next home. And, if you’re buying, it’s also helpful to check home values in the area to make sure your offer is competitive.
How To Know How Much My Home Is Worth
A Zestimate is the estimated market value for a home, calculated using a proprietary formula that includes public and user-submitted data such as details about a home (bedrooms, bathrooms, age of the home, etc.), location, appraisal information of the property tax and sales histories of the subject home, as well as other homes that have recently sold in the area. Updating your home details can help make your Zestimate more accurate. The Zestimate is not an official valuation, but rather a starting point for estimating the value of your home.
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The accuracy of the Zestimate depends on the location and availability of data in an area. The average Zestimate error rate for homes on the market nationwide is 3.2%, meaning that the Z estimates for half of all homes on the market are within 3.2% of the final sales price and half don’t. For off-market homes, the median error rate is 7.52%. Check your home’s estimated value for free by entering your home address. You can improve the accuracy of your Zestimate by claiming the address as your home and updating the home details.
Start with your Zestimate, a helpful starting point to help you determine an independent and unbiased assessment of what your home might be worth in today’s market. Try comparing your home to recently sold properties in the area to better understand its current value or estimate a possible sale price for your home. Your real estate agent will provide you with a more robust CMA after evaluating the home and taking into account special features, its location and local market conditions.
Home values increase when buyer demand increases. Making home improvements can also increase the value of your home. Updating the exterior of your home, including your roof, siding, doors, or deck, often increases the real value of your home, which is what buyers are willing to pay for the property. Depending on the extent of the change, addition or renewal, and the ability to identify it, some changes may be reflected in the Zestimate while others may not. You can help by updating your home details when changes occur. Find your home address at , claim the property as your home, and update your home details to reflect recent improvements.
Typically, home values increase over time and grow by 3-4% each year in healthy, sustainable markets. However, home values are constantly changing depending on buyer demand and local market factors such as the amount of inventory, bidding wars or economic changes in the area. Local market conditions are the best indicator of projected (short-term) home value appreciation. Your Zestimate is updated regularly to keep up with fluctuating home values, making it a great resource for a free home value estimate. Review your Zestimate history and/or Home Value Index (ZHVI) for your neighborhood to examine home value appreciation in your local market. Determining the true value of your home requires an experienced realtor. Instant values do not consider… Get Your Home’s True Value Today 504-509-4771!
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If you’re like most people, you’ve thought about selling your home at some point. You’ve probably fantasized about the profit you’ll make on the sale, or you’ve calculated exactly how much you’ll need to pay off your current mortgage and have enough to pay for the down payment on the next home.
Before your fantasies come crashing down, you need to understand that while you can estimate the value of your home in a number of ways, the true value is only what a buyer will pay for it. That said, there are several ways to get a clear idea of how much a buyer will pay for the property under current market conditions.
Many homeowners find it confusing that there are multiple numbers floating around that indicate the value of their home. Here are some:
To help determine what your home is really worth in the current market, your realtor will complete a comparative market analysis on your home.
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A comparative market analysis pulls recent market data to help you estimate the value of your home. When you sell your home, the buyer’s lender will require an appraisal, so keep in mind that your home has to appraise for the sale price or, depending on how your contract is worded, you will have to renegotiate the sale or the buyers will have to bring extra money.
A CMA is both an art and a science. While data-driven, it also requires local market knowledge and intuition about which homes to compare and how to interpret prices. Real estate agents will look for recent sales of homes similar to yours, preferably within the last two to three months, up to about six months. In addition, your agent can look at other homes currently on the market and homes that have not sold and have been taken off the market to compare values.
Comparing your home to others includes not only the size and number of bedrooms and bathrooms, but also the condition of your home, neighborhood and proximity to amenities. If you don’t understand the comparisons your agent is making, ask to see some of the homes currently on the market or look at property photos online.
While it may be tempting to list your home with the realtor who tells you they can sell it for the highest price, a smarter way to sell your home is to price it as accurately as possible from the start. Studies show that an overpriced home that stays on the market will end up selling for less than the correct estimated price.
How Do I Know How Much My Home Is Worth?
To get the true value of your home, you need a local expert. Call Tiffani Robin today at 504-509-4771 and request a custom CMA in your home.
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You have to be wild in this market! It truly is the wild, wild west here in real estate lately. Today’s market expects buyers to do all kinds of things to be *seriously* considered as one of several options for sellers. But there’s no reason to be discouraged, because there’s a saving grace that makes all those real estate hurdles worth it. Check out our video and resources to learn more. read this Knowing your home’s value can give you the knowledge to make well-informed plans for the future, regardless of whether you plan to sell. There are several resources available to those who wish to discover the value of their home, but the most reliable is to have a real estate professional provide a free property appraisal.
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The information is so readily available that you can get a rough idea of what your home might be worth before engaging a real estate professional for an official appraisal. You could check similar ads online and find out what the average asking price is. When doing this, be aware that the initial sale price of a home can vary greatly from the actual sale price, so it is not always reliable to base your sale price solely on the sale price of neighboring homes listed on real estate portals.
Real estate agents will know what the neighboring houses actually sold for, not just what they were listed for. Real estate professionals will also conduct a comparative market analysis (CMA) to accurately determine a property’s value. In a CMA, statistics are collected from various sources to determine the average price per square meter of properties in the area. This provides an agent with a basis for determining the home’s value.
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