Thinking about getting a home valuation on your home?
When you're thinking about selling your home, it's best to do so when you're in the best position for maximizing the value of your home.
You've got to get a professional CMA by either consulting a real estate agent or getting in touch with an independent appraiser.
An appraisal can be costly and time-consuming, also having this professional opinion especially for a high priced range homes is very helpful!
It's important to also consider trying a digital home market eval. Especially if your not exactly close to selling yet.
Getting a more professional CMA from Scott Schulte can help you get a more detailed and closer price target.
A CMA (Comparative Market Analysis) is a professional review of a property that assesses the current market value of the property.
The Real Estate Professional calculates how much a property is worth and offers an opinion on what the property currently in this market.
A CMA is typically completed by an Real Estate Professional, who may be qualified to make suggestions for how to improve the real estate investment, or may just simply offer their opinion on what they believe that the home can potentially sell for.
How Much Does a Home Appraisals Cost?
The process of writing an appraisal for a home can be very time-consuming and costly. Professional appraisers typically charge $250 to $350 per hour, with each hour being spent researching property values and the current market trends.
The your mortgage loan person orders the appraisal through a third party appraisal service, and depending on the area, the market, and the availability they will quote the appraisal to the loan company. I have seen these from $450 to $950 and more if the home is in a more secluded out of town type of home.
How do I get a Valuation?
While the act of getting a home market valuation may seem tedious and time-consuming, it's important to know in advance what to expect.
There are different ways to value your home, and some owners want to find an appraiser that fits your needs. You can also consider seeking advice from real estate professionals in your area (Scott Schulte).
Start with a digital valuation, on the top of the page we have a link what’s my home worth? Then from there fill out the forms as detailed as you can. You should get an email with your homes digital report.
This number may be different then what you are think your home is worth, the main reason is it’s based on averages and cannot see into your home and see your upgrades or updates. Scott will have a better understanding of values based on condition, and upgrades. This is a great place to start especially if your tracking the market.
Check out the Home Estimate Tool
The home Esimate tool is a great way to find out the average value of similar homes that sold. What comparable homes have sold for in the current market. It will also provide you with valuable real estate information.
Even if the numbers are off, this is expected, homes range in value in every neighborhood. A home that backs up to a busy street is going to have a different value then a home that backs up to the golf course or lake view. Try the Valuation tool, and if you have any questions let us know.
The home owners Value tool is a basically a huge database that helps homeowners and real estate agents find the value of their homes. This tool has over 30 million listings and will help you get informed about the current market situation in your neighborhood.
What to expect when you get a digital home evaluation
Many people are curious about how much their house is worth and what they should expect for their investment. However, research has shown that there is a significant price gap between the home appraiser's thoughts, home valuation tools averages results on a home, and the homeowners thoughts in terms of price. This discrepancy can be for an entire neighborhood or just for your house.
Looking at several sites with the same address you will see a significant difference in those sites home evaluations. The price gap with just these sites are amazing!
So expect a significant gap in price when looking at these tools results. Adjust, re-run the average in a month or so and adjust again. This will keep you informed, and when your ready to sell. Then it’s time to look into getting a CMA from Scott and working to get a reasonable plan or price target.
Please don’t use digital tools to sell your home FSBO
Despite the technology, when it comes time to sell your home for yourself, a traditional FSBO (For Sale By Owner) is one choice. When making this choice, studies have shown that most FSBO’s leave money on the table. This can be thousands that you could have put in the bank. Don’t trust the digital home value estimates for more than what they are, a way to keep up with the market. Make sure you get your home appraised or offer a real estate agent some money for a CMA. This can potentially help get you closer to market value.
Some home sellers are getting their homes appraised before they put them on the market. This is a great way to help get more professional opinions and ensure you get the most of your property.
CMA VS Appraisal who wins?
Leaving buyer and seller negotiations out of this. The Appraisal wins, most of the time. Mainly because the bank lending to the buyer will only look at the appraisers opinion. The appraiser can be kind to some agents and ask for comparable closed sales, or even declare tidewater in a VA loan situation if the appraiser has an open mind to look at the agents CMA. Maybe open to look at few other closings that he may have not hit his database yet.
2021 is a bit different. Neither the appraisal or the CMA wins. 2021 it’s the highest bidder with the most resources Wins. More and more if the home is marketed for sale, multiple offers, cash offers and waiving appraisal contingencies have brought a whole new world to real estate.
What is a Waiving an Appraisal Contingency When Making An Offer?
An appraisal contingency is an agreement that allows the buyer stipulate that if the buyer’s appraiser does not see the value of their offer, they may withdraw the offer and get the earnest money returned to them, or the more popular answer is to potentially re-negotiate the purchase amount with the seller.
A Waiver of the Appraisal Contingency is when the buyer agrees to buy the home even if the home appraises for less, and typically has, and shows that they have the resources to pay the difference. They are able to purchase the home, and come in with enough money to do so.
Bottom line
The online Home Valuation tools are a great way to get an instant estimated price range. When you need solid numbers give us a call we are happy to help you with a professional CMA.
Get Your Home Value Here
