WHAT IS MY HOME WORTH? HOME EVALUATION 101
THE MILLION DOLLAR QUESTION:
"Is my home value shown on Zillow, Redfin, Realtor.com, and other sites ACCURATE?"
The answer... YES and NO.
Websites such as Zillow and Redfin uses an automated system that computes available data based on comparables (recently sold identical/similar homes) within your area to determine your home's Fair Market Value (FMV).
How accurate is their data? Although most recently sold home values shown may be true, the market analysis approach used by these websites are very broad and may not be as detailed oriented when identifying TRUE comparable homes within your area. For example, the nearest comparable homes used to valuate John Smith's home were 1-2 miles away and/or may have sold one year ago. The distance and time factor is a major game changer here - the further away and the older the sale, the less relative or "comparable" it is to your home. As a result, this generates skewed (distorted) data leading to you to believe that your home is worth WAY MORE (or way less) than you expected. Major factors taken into consideration when identifying TRUE comparables include:
Subject property address & features (# of Bed, Bath, SqFt, any/all upgrades and other special features, etc.)
Recently sold homes within at most 1/2 mile radius of your home
Recently sold homes within the past 3-6 months
In order to accurately asses the FMV of your home, Cristal Cellar will conduct a custom Comparative Market Analysis (CMA) of your local market area and provide a detailed report that will allow you to not only identify your FMV, but most importantly learn about current local market conditions and understand the right strategies to implement in an effort to obtain the highest and best value for your home.
How can I get my free home valuation? A couple options here for your convenience...
Click the 'Instant Home Valuation' button at the top and receive it instantly.
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Call me for a free consultation at 858.776.2919.