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home valuation
People often arrive here saying they are requesting a home valuation. An online estimate is not a listing price.
We use current comps in that town and price band, plus condition and positioning, to set a realistic range.
Sellers often say they want to sell ASAP or in the next 0-3 months. Those are different plans, and each one changes preparation, timing, and price.
We are licensed in New York and Connecticut only.
For the full seller process, see Sell Your Home.
A home valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online home valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
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Two Accurate Ways to Perform Home Valuations
MARKET ANALYSIS
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are priced out, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
APPRAISALS
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
Common reasons owners request one
REFINANCING
Lenders use an appraisal to confirm value before a refinance. A valuation gives you an estimate of where your equity stands before you apply.
HOME IMPROVEMENTS
Before you spend on improvements, it helps to see where your home sits against current comps in your town and price band. That shows which work is likely to matter for resale and which is not.
QUALIFYING FOR CREDIT
Lenders consider a home equity line based on the equity in your home. A valuation gives you a current estimate of value, and your lender will order its own appraisal.
PLANNING
Sellers often say they want to sell ASAP, or in the next 0-3 months. Those are different plans, and each one changes how we prepare, time, and price the home. We are licensed in New York and Connecticut only.
Office 17 Collegeview Ave Poughkeepsie, NY 12603
Office 17 Collegeview Ave Poughkeepsie, NY 12603