Let us see how we can help you. We will do a free home valuation. No obligation.
Based on a $400,000 Sale and our 4.5% commission compared to a typical 6% commission. Minimum $150,000 sale price. Full Service. We Don’t Cut Corners!
Wayne and Sam Unger
My Orlando Home Sales Brokered by AmeriTeam Realty
What is a home’s value?
Home value has a slightly different meaning if you ask a homeowner, appraiser, realtor or tax assessor. But in most cases, home value means the amount for which a house would likely sell, otherwise known as the current market value. Mortgage lenders typically rely on professional property appraisers to calculate market value, but there are other means used to determine home value.
What are the ways to determine home value?
The most common are an appraisal or an CMA, which is a “comparative market analysis.” A home appraisal is done by a licensed appraiser. To find the value, an appraiser visits your home, takes a detailed inventory of the property and researches the local real estate market. The estimate is based on many factors, including recent sales of comparable homes; neighborhood characteristics; and age, size and condition of the home. Appraisers are not permitted to use current data such as homes that are under contract and soon to be sold or homes that are listed for sale and available. A CMA is generally done by a realtor (we do them without for free, with no obligation), and incorporates the same factors as an appraisal but has the advantage of being able to use current listings and pending sales to determine value in an ever changing market. Lenders use appraisers to determine value for mortgage loans but generally use what’s called a BPO or Brokers Price Opinion for short sales and foreclosures because they cost less money and along with a CMA are just as accurate. Online valuations where a home is not seen in person are generally not accurate.
When do I need a home valuation?
If you are going to sell your home, not knowing the correct value can cost you thousands of dollars. If you are thinking of refinancing, most realtors will do a CMA for you (again, we will do it for free with no obligation).