Ways to Obtain a Free Home Evaluation

Your home’s value is an essential factor in the home-selling process. Getting your home ready to appraise can help you ensure that the home’s value comes in as high as possible. Many websites offer free home valuation tools based on recently sold comparable properties. However, these tools are estimates and may not consider unique features that could appeal to buyers.

Schedule Your Appointment

A home appraisal is the only way for a potential homeowner to know what a property is worth. An accurate valuation is critical when selling or buying a home, as an overly high price may not sell the home or result in a loan exceeding the property’s value. Some lenders and real estate websites offer free home evaluation tools. These tools, called automated valuation models (AVMs), can be convenient but are limited in accuracy. Contact a top local real estate agent for a more thorough, reliable, and accurate home valuation. A qualified agent will perform a Comparative Market Analysis, comparing the property to similar homes on the market or recently sold in the neighborhood.

Review Your Home’s Information

Online home valuation tools can provide valuable insight into your property’s value but cannot replace a professional appraisal. The best option for determining your property’s actual market value is collaborating with Anoka Realtors, who can do a CMA (Comparative Market Analysis). However, these online estimates are based on algorithms and public information, which can sometimes be inaccurate.

Review the Appraiser’s Checklist

The home appraiser will review your home’s interior and exterior and compare it to other homes in the neighborhood. They will also take into account any repairs or upgrades you’ve made. Home improvements and renovations that make your house more efficient, like installing a new central air system or replacing windows, can boost your home’s appraisal value. However, purely aesthetic changes—like painting your living room—don’t generally add much value. Be sure to provide your mortgage lender with a file including sales receipts, paid contractor invoices, and zoning permits for any significant changes you’ve made to your home. It will help them ensure your loan amount doesn’t exceed your home’s market value. You’ll be responsible for the difference if it does.

Review the Appraiser’s Report

Typically, mortgage lenders require a home appraisal to ensure they are not lending more than the property’s actual value. It’s also helpful to list any improvements you’ve made to your home. It includes details of any renovations or repairs that have been completed, along with copies of contractor invoices. It can help you get maximum credit for the work you have done. Finally, if you have used an online or automated valuation tool to determine your home’s value, remember that these tools are only as accurate as the information they are fed. These types of estimates should be used in combination with a professional appraisal.

Review the Appraiser’s Final Report

Whether you’re selling your home, taking out a loan, or just interested in its value, it’s essential to know what it’s worth. But if you’re still getting familiar with the real estate appraisal process, it can be challenging to understand what is included in an appraisal report. For example, if the home you compare to has a pool while yours does not, the appraiser will likely adjust the value accordingly. Also, the location of your property is crucially important to its valuation. It will affect your appraisal if your home is on a quiet, private road while the comp is on a busy street. It is especially true if the comparables have been sold recently.

Leave a Reply