Sell – Sauveur Lichan

WHAT IS THE REAL VALUE OF YOUR HOME?

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Thank you! We will prepare a personalized report containing information about your home’s value.

WHY GET A PROPERTY VALUATION BEFORE SELLING?

A property valuation provides valuable information that helps you plan for the future and make informed decisions. A valuation can also guide renovation plans and help you anticipate market trends, ensuring you make the most of your investment.

What is a professional property valuation?

A property valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender’s ability to recover costs if the mortgage is not fully repaid

How is my home’s valuation calculated?

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.

How accurate is the online estimate?

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HOW IS A VALUATION PERFORMED?

Two Accurate Ways to Perform Home Valuations

MARKET ANALYSIS

Comparative Market Analysis (CMA)

The CMA is a tool used by real estate agents to appraise a home. It evaluates similar properties recently sold in the same area. Agents identify comparable sales and use them to compare sales. Typically, an agent identifies three recently sold properties that are as similar and located as close as possible to the home being appraised. Each property is then analyzed to identify the differences between it and the home being appraised. Once these differences are eliminated, the price of each comparable property is adjusted to determine its selling price if the property were identical to the home being appraised, in the current market.
EVALUATIONS

Based on professional advice

An appraisal is an impartial evaluation of a home based on a professional’s opinion. These are typically the methods used by mortgage lenders for home purchases and refinancing. A lender typically orders a home appraisal, the cost of which, sometimes up to $500, is paid by the homeowner. The appraiser performs a complete visual inspection of the home’s interior and exterior, while also considering recent sales of similar properties and market trends. They then prepare a detailed report on the home, including an exterior sketch of the building, a floor plan of the home and comparable sales, photos of the home and street, an explanation of how the square footage is calculated, and any other relevant information.

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WHY IS AN EVALUATION IMPORTANT?

Situations When a Home Valuation May Be Necessary

REFINANCING

Lenders calculate their loan amounts based on the value of your property and typically allow you to borrow between 75% and 96.5% of your property’s value. Knowing your home’s value allows lenders to calculate your equity. The higher your equity, the better your refinancing terms will be.
RENOVATIONS

If you’re renovating to increase its resale value, be careful not to set the price too high. If your home is already listed at the high end of the market in your neighborhood, over-renovating could make it harder to sell. An appraisal will allow you to compare your home to others in the area and provide guidance for your renovation decisions.
QUALIFYING FOR CREDIT

If you want to borrow money against your home, a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain amount of equity in your home. Most lenders require at least 20% equity in your home. A home appraisal will help determine your eligibility and will serve as a basis for the lender to make a decision about your loan.
SCHEDULE

While not essential, knowing your home’s value is valuable information. It will help you plan for the future and cope with unexpected events, especially when you might need extra cash or a quick move. Knowing your home’s equity and how much you could borrow or sell will help you better manage life’s financial ups and downs.