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How Is a Home Valuation Determined? 

A home valuation is determined through a combination of methods and factors that assess the property’s worth. Here’s an overview of how we get the key elements involved in the process:

1. Comparative Market Analysis (CMA)

• Recent Sales: We will look at similar homes (comps - compared properties) in the same neighborhood that have sold recently. This helps establish a baseline for the home's value based on what buyers are willing to pay.

• Active Listings: Current listings provide insight into the competition and market trends.

• Expired Listings: Homes that didn't sell can indicate overpricing or other issues.

2. Property Characteristics

• Size and Layout: The square footage of the home, number of bedrooms and bathrooms, and overall layout can significantly impact value.

• Condition: A well-maintained home typically has a higher value. Upgrades and renovations also add value.

• Location: Factors such as neighborhood quality, proximity to schools, parks, and amenities, and overall desirability affect valuation.

3. Market Trends

• Current Market Conditions: The overall real estate market, including supply and demand dynamics, interest rates, and economic indicators, influence home values.

• Seasonality: Real estate markets can fluctuate seasonally, affecting property values.

Conclusion 

The final home valuation is often a combination of all these factors, providing a comprehensive view of the property’s worth in the current market. Homeowners can use this information for various purposes, including selling, refinancing, or assessing their investment.