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The Home Valuation tool provides an estimated market value for your home using data collected from third parties and public records and is intended to provide you with a general value of the property. This is not an official appraised value nor is it the value that Guaranteed Rate, Inc. will rely upon in making a determination of value or in making a lending decision. Guaranteed Rate, Inc. will rely upon the value as provided by a licensed appraiser contracted by the company.
How are the comparable homes chosen for each Redfin Estimate?
It is a computer-generated estimate of the value of a home today, given the available data. There are three main types of home valuation, and all might assign slightly different dollar amounts to the same house. For example, the same home may have an assessed value of $300K, an appraised value of $395K and a fair market value of $400K. Any number of factors might affect the value of your home, including the neighborhood you’re located in, the size of your lot and the age and condition of the structure itself. While this calculator is designed to help you to understand the estimated value of your house, the actual value of your house might be above or below the result and is dependent on other factors.
How Accurate Is The Home Value Estimate In My Property Report?
To calculate the Redfin Estimate, we combine hundreds of data points about the market, the neighborhood, and the home itself—all to provide you with the most accurate home-valuation tools. The best way to value your home is to check and compare the sold prices of similar homes around you. Property type, square footage, age, location, renovations, and much more can impact your home's market price. Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase.
How Much Is My House Worth? – Forbes Advisor - Mortgages - Forbes
How Much Is My House Worth? – Forbes Advisor - Mortgages.
Posted: Wed, 25 Aug 2021 07:00:00 GMT [source]
Fair market value
However, it can be tough to find a property that's exactly the same as yours and even then, the asking price may not represent the real sold prices in the area. This is especially true in the Greater Toronto Area where some home sellers list their homes for lower prices in order to encourage bidding wars. In addition, some homes may be overpriced and could have stayed on the market for a long time. It can take a lot of time and work to get an estimate using this method.
Canada Real Estate Market Overview for All Property Types
How Much Is Your House Worth - Irish Independent - Irish Independent - Irish Independent
How Much Is Your House Worth - Irish Independent - Irish Independent.
Posted: Tue, 12 Dec 2023 20:41:19 GMT [source]
While we can’t give any specific information on expansion, we hope to provide the Redfin Estimate for as many homes as possible over time. Use Redfin's home value estimator to get a free, instant home-value estimate, see nearby sales and market trends, and update your home facts and photos. Our online valuation service gives you a free and instant estimate of your home’s current value.
Others, like the current economy and local housing market trends, are less in your control. A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently been sold. While the Zestimate is the estimated market value for an individual home, the Estimated Sale Range describes the range in which a sale price is predicted to fall, including low and high estimated values.
Some areas have more detailed home information available — such as square footage and number of bedrooms or bathrooms — and other areas do not. The more data available, the more accurate the Zestimate value will be. This, ultimately, is the amount a buyer would be willing to pay for the home. Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. It’s a question every homeowner wants to know the answer to, especially if you’re thinking about selling. We offer the Redfin Estimate where we have enough local and home-specific data to maintain our accuracy levels.
Our estimating method differs from that of a comparative market analysis completed by a real estate agent. We use data from a geographical area that is much larger than your neighborhood — in fact, we often use all the data in a county to help calculate the Zestimate. Though there may not be any recent sales in your neighborhood, even a few sales in the area allow us to extrapolate trends in the local housing market.
Make sure any renovations done to your home are accurate and up-to-date. If you’ve redesigned your kitchen or installed a swimming pool, you’ll recoup some of what you paid for these upgrades when you sell. But your return on investment will vary depending on what kind of renovation you did, and how desirable it is to buyers in your area.
Or if you're buying, it can indicate how much competition you'll face when you make an offer. Compare Redfin CompeteScores in Raleigh, Philadelphia, Houston, and Sacramento, or check your own neighborhood's score on Redfin.com. One useful tool to help with home valuation is to see what companies are willing to pay for your home, which can be done at the Seller’s Marketplace.
If your ultimate goal is to sell your property, a Realtor can help determine the value of your home and an accurate sales price. The comparative market analysis (CMA) provides you with an estimate of your home’s value based on the Realtor’s assessment of the residence and housing market trends in your area, including recent purchase prices for comparable homes. Our models can find neighborhoods similar to yours and use sales in those areas to extrapolate trends in your housing market.
Checking a home valuation tool periodically can be helpful even if you’re not thinking of selling. The Redfin Estimate is updated daily for homes that are for sale, and weekly for those that are off the market. Homes from Butchertown to Jeffersontown are set to see changes in their home’s assessed value — and later, their property tax bill — thanks to this year’s round of reassessments.
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