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 Comparative Market Analysis.

A Comparative Market Analysis is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. In most cases, an agent will find several similar homes that have recently sold. 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. For the most accurate Comparative Market Analysis I recommend a tour of the home which allows me to see the current condition. This way I can provide options for various levels of home preparation and estimate the impact that they are likely to have on selling price so that you can make informed decisions that best meet your goals.