Home Valuation

• Update kitchens and bathrooms for the greatest return on investment.
• Prioritize curb appeal with landscaping. …
• Modify the floor plan or add square footage.

Understanding home value

There are three types of home value you need to be familiar with as a seller:

• Appraised value: Appraised value is a home’s value as determined by a professional appraiser at a given point in time. Appraised value is used by mortgage lenders during the underwriting process to determine how much a buyer can borrow. Same or similar properties typically within a close proximity of your home. If your home is listed and received an offer higher than any home sold in your area, be prepared for an adjustment with an appraisal. If your home does not appraise, you may have to lower the price or ask the buyer to contribute.
• Assessed value: Assessed values are used to determine how much property tax is owed on a home. Assessed value is set by a municipal or county tax assessor, who evaluates the home’s features and those of comparable properties to arrive at a valuation. It’s usually a lower number than fair market value.
• Fair market value: Fair market value refers to how a home is valued when both the buyer and seller are reasonably knowledgeable about the property and neither is under any pressure to buy or sell. Fair market value tends to be the truest measure of a home’s value overall, since it’s based primarily on supply and demand. It is purely what the market will support.

There are many sites/apps that offer a quick Home Value “suggestion”. I will tailor your CMA for your home, community and current market.  There is information that I disallow in order to get a more accurate assessment.