Have you ever wondered what your home is worth in today's market? Sure, there are many reasons a home owner might want to know the value of their home - insurance purposes, property tax calculations, estate tax planning, refinancing your loan or just curiosity. You may also be thinking about selling your home as well.
There are a few ways to come up with a value range of your home's value that include: doing your own research on sold homes and current active and pending properties (least accurate), get an online home evaluation, have a REALTOR® do a Comparative Market Analysis (CMA) or hire and Appraiser to the valuation (most accurate).
The most accurate method of getting your home's value is to hire an appraiser. In Solano County, this can cost between $450 and $600. Normally when a buyer has an accepted conventional or FHA/VA loan, one of the requirements of the buyers lender is to conduct their own appraisal of the home being purchased and financed. Here the buyer pays this cost as part of the buyers costs to purchase the home. If you want to learn more about the Appraisal Process you can download this Guide to Understanding Appraisals prepared by the Appraisal Foundation and made available by the National Association of REALTORS. (note: We have worked with hundreds of appraisals and if you have any questions about this process, email, text or call).
Comparative Market Analysis (CMA)
The next most accurate home valuation is where we hand pick recent sold comps (last 6 months) and use similar attributes as an appraiser to zero in on comps. We provide a scattergram of similar beds/bath homes based on price and square footage as compared to your home's square footage. You can see where your home falls on the trend line as compared to the comps used in the analysis. We also provide a very detailed report showing details and photos of the comps used in the report so you can see homes similar to yours. Our CMA also includes some valuable insights on the CMA vs Appraisal process and other helpful information in this process. You can learn more about our CMA process here »
Automated Online Valuation
Another way some homeowners (and some buyers) come up with a value range on their home is to use an online valuation tool sometimes referred to as an automated online valuation. With this method a home owner is usually required to input their home address, city, state and zip code, then hit a submit button. The next step might be to put in any additional information like condition or reason for the home valuation request. Software will then match your home's attributes to recent sold homes and come up with a value range. We offer an automated version that you can access by going here »
Doing Your Own Research
This is probably the least accurate and probably the hardest for a home owner to come up with a realistic value range of their home. You've heard the old saying "a home's value is what a buyer will pay for the home".