Your home’s value relies heavily on the current market conditions of your community AND Neighborhood. These market conditions will give you a better idea of what your homes is really worth.
Instant Home Evaluators like Zillow’s Zestimate are comprehensive estimates and can be off by as much as 12% which is a LOT in today’s market.
A FULL CMA (Comparative Market Analysis) on your home can give you a much closer estimate of your home’s true value by finding out what homes that are comparable to yours have sold for recently.
A CMA includes information like:
Comparative Properties that have sold and closed within the last 6 months
Comparative Active listings – properties currently for sale
Comparative Pending sales – listings that have sold but not yet closed
Comparative Expired listings – properties that did not sell during the listing period
A detailed report on your Home and the estimate of its value based on today’s market
What can you expect to see in the CMA that we prepare for you? A completed CMA is presented in the form of a report, which includes the all of the items below, suggested selling price, detailed information about your home, and the comparable properties that were researched to determine its value.
Would you like an INSTANT CMA REPORT emailed to you with all of the recent comparable home sales and neighborhood information?
To get a full CMA on your home for FREE – simply fill out this form with as many details on your home as you can provide.
I even follow up with a detailed Comparative Market Analysis and pricing recommendation based on your specific home.
Local Government
When it comes to determining the value of your home, several factors come into play. One of the most important factors is the location of your property. The county assessor and county taxes play a crucial role in determining the value of your home. The county assessor's office is responsible for assessing the value of all properties in the county. They use a variety of methods to determine a property's value, including recent sales of similar homes in the area, as well as the condition and age of the property.
County taxes also play a role in determining the value of your home. Property taxes are assessed based on the value of your property, and the amount you pay can affect the perceived value of your home. Additionally, crime stats in your area can also affect your home's value. Homes in areas with higher crime rates may be viewed as less desirable by potential buyers, which can decrease the value of your property.
These factors, along with others such as the size and condition of your home, all play a role in determining its value. That's why it's important to get an accurate and up-to-date valuation of your home to ensure you're not over or under-insured. Our home valuation tool takes all of these factors into account to give you a comprehensive estimate of your home's value.
Government Resources That Can Affect Home Value.
Impact of Vacation Rentals on Home Values
Vacation rentals can have both positive and negative impacts on home valuations. On the one hand, if a vacation rental property is located in a desirable location and is generating a lot of income, this can increase the overall value of homes in the area. The increased demand for vacation rental properties can drive up property values, making it more attractive for homeowners to sell their properties at a higher price.
However, vacation rentals can also have a negative impact on home values. If a vacation rental is located in a residential neighborhood and is causing a disturbance to the neighbors, this can decrease the value of nearby homes. This is especially true if the vacation rental is causing noise or parking problems, or if the property is not being well-maintained.
In addition, some local governments have enacted laws and regulations on short-term rentals to protect residential areas from disturbances. These laws can limit the number of days a property can be rented out, restrict the type of property that can be used for short-term rentals, and impose strict penalties for violating the rules. Violations of these regulations can result in a decrease in home value, as potential buyers may be deterred by the potential for legal and regulatory issues.
Overall, the impact of vacation rentals on home valuations can vary depending on the location and the specific circumstances of the rental property. If you own a property that you are considering renting out as a vacation rental, it's important to research the local laws and regulations and carefully consider the potential impact on your home's value before making a decision.
Short Term Rental Laws
There are several ways to calculate a home’s value. The most common method involves analyzing comparable sales. This approach identifies recently sold homes that are similar in size, age, and condition to your property. These "comps" (Comparative Sales) serve as a baseline for calculating your home's worth, factoring in any differences that would add or subtract value, such as an extra bedroom or an aging roof.
To get an estimated value of your home, you can use our free online valuation tool. This tool uses publicly available records and real estate MLS transaction data to generate an estimate. However, if you want a more accurate number, you should start the free online valuation and work one of our real estate agents. You could also hire an appraiser for a hefty fee.
Real estate agents have access to the local Multiple Listing Service (MLS) and can conduct a walkthrough of your property to gather more information. They can provide you with a comparative market analysis (CMA), which is a comprehensive report that takes into account your property’s condition, market trends in your area, and other factors.
Appraisers, on the other hand, work from the Uniform Residential Appraisal Report and will physically scrutinize the interior and exterior of your home during an onsite visit to ensure that the public records are accurate.
Ultimately, if you're looking for an accurate and reliable valuation of your home, it's best to work with a real estate professional who can provide you with a more comprehensive analysis based on their experience and expertise in the local market.
What adds value to your home depends on a variety of factors. Some of these variables are external, like a thriving economy, low inventory, and local amenities such as parks and restaurants. These factors can increase demand for homes in your area and result in a higher selling price.
There are also factors that are within your control that can add value to your home. Improving your curb appeal with basic lawn care and cleanup is a great place to start. Investing in larger upgrades, such as a kitchen remodel or adding square footage, can also increase your home's value, but be sure to research the return on investment for these types of upgrades.
Proper maintenance of your home over time is another way to maximize its value. Keeping up with routine maintenance and repairs can prevent small issues from turning into larger and more expensive problems down the road.
Finally, timing is important when it comes to selling your home. Listing your home during the best time to sell for your city and making the effort to clean, declutter, and stage the home can make a big difference in its marketability and ultimately its selling price. Working with a real estate professional who knows your local market can help you determine the best strategies for maximizing your home's value.
Automated valuation models (AVMs) are designed to provide a quick estimate of a home's value by analyzing various data points and using complex algorithms. To get a free valuation of your home, you can simply input your address into an AVM tool like National Properties Realty WHATS MY HOME WORTH tool. This software will analyze thousands of real estate transactions, collect details about your property with a short questionnaire, and pull in the most important elements of a comparative market analysis to calculate your home's worth.
However, it's important to remember that AVMs are not foolproof and should be used as a starting point rather than the final word. These tools use public records and historical data to provide an estimate, but they don't account for variables like the current condition of your home or the unique features that may impact its value. If you want a more accurate valuation, it's recommended that you work with a real estate professional who can provide you with a comprehensive comparative market analysis (CMA) based on factors such as recent sales, market trends, and the condition of your home.
The definition of home value can vary depending on who you ask, but generally it refers to the monetary worth of a property. This worth is based on the current real estate market and the factors that contribute to a property's desirability, such as location, size, age, and condition.
Fair market value is a specific type of home value that is used in legal and financial contexts. It refers to the price that a property would fetch on the open market, assuming that the seller and buyer are both acting in their own best interests and there are no outside factors influencing the transaction. This is often the value used by appraisers and lenders to determine the value of a property for tax and loan purposes.
It’s a good idea to check up on your home’s value periodically and start owning your home’s history and value online. When the time comes to sell, buyers are going to look up your address and if the internet says your home is worth less than you’re asking for, it could weaken your negotiating position. Therefore, looking up your home’s value before you sell gives you an idea of how much you can list it for and how your home compares to other listings in the area at that time.
In addition, you should also check your home’s value when you’re thinking of making major changes to your property, like renovations. This can give you an idea of the potential return on investment for your upgrades and help you decide which improvements to prioritize. It's also important to check your home's value when updating your property insurance. If your home is underinsured, you risk not having enough coverage to rebuild your home in case of a disaster. On the other hand, if your home is over insured, you may be paying more than you need to for insurance premiums.