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Finding your home's value

free home valuation

Home Value

Property valuations are the backbone to beginning any change to your real estate landscape. Home and business values are affected by many different things. The market, changes to the area, the sale of other homes, rental prices, and even how much business your location may do. Finding the best use value is an in depth process.

Who Does the Valuation

Understanding who can supply you with a valuation of your property is paramount. A licensed Realtor or appraiser can provide you with a home value estimate. Most times you can obtain a free competitive market analysis from a local Realtor. This valuation estimate doesn't guarantee the price of your property, as that is set by the market itself. However, they will provide a healthy high, low and median range to provide flexibility.

The Processes

Depending on your property type and the method being used, the process can vary greatly. For example, a home value can be done as a primary residence or an investment property if it's a rental. A business can be valued based on the income it generates, or how much it would cost to replace the property. As you can see, knowing the best options is paramount.

What's Our Home Value?

Our Approach

At Mid Michigan Realtor with Century21 Affiliated, we are here to help you as much as possible. We believe an informed client is a client for life. Before you consider doing anything with your home, it’s nice to know what it’s current market value is. Whether you’re planning to list your home, use it as a rental, take on a remodel project, or refinance, you’ll want a valuation. There are many factors to consider when providing a home value estimate. As we all know, no two homes are exactly alike! For this reason we take an approach much like an appraiser would to provide you an accurate and fair home value range. Appraisers have a few different types of appraisal techniques depending on the type of subject property. The one most used in residential homes is the comparative sale analysis. For this reason, we use this method to determine the value of your home. If your property is income generating, please clarify in the message area of the form you submit above. Once we have your property we will go to work finding comps.

Comparative Sales Home Value Approach

what's sold in your area?

Public Record Search

The first thing we do to find the valuation of your home is review public records. This is how we determine the details of your property. Accounting such items like, square footage, bedrooms, bathrooms, garage spaces, lot size (acreage), etc. to compare. We will also look for any previous sale listing information in the multiple listing service (MLS).

Competitive Market Analysis (CMA)

The next step in the process is finding comparable homes to yours having sold in the last 12 months. Of course, we will be searching for homes close in proximity to yours as well. Usually, this means within a one mile radius. Since no two homes are exactly alike we will find properties sharing similar features and make adjustments as needed. The main characteristics we’ll use to find comps for your home value estimate are the large components of the home. These include, number of beds, baths, home style, lot size, land features, square footage, garage type, etc.

Making adjustments for home value

Once the sold comparison homes have been identified, we can begin to make adjustments. Adjustments are dollar amounts either added or subtracted from the comparison property’s sale price based on its differences to your home. For example, your home has 3 bedrooms and the comparison property is exactly the same but only has 2 bedrooms. In this case, we would add a dollar figure amount to the comparison home’s sale price to account for the added value your home has. Lastly, we’ll divide the total adjusted sales price by the total square footage of the home to get the adjusted price per square foot. This process is done for all comparison homes we’ve selected.

The Final Step

Here's your home value

The finals step to your home value process is to determine a high value, low value and mid range value. We achieve this by taking the adjusted price per square foot figures from the comparison homes and multiplying it by the total square footage of your home. The figure we get from the highest comp is your high value. On the opposite, the lowest figure we see will be the low home value to expect. In the middle we have the average value and the median value.

As you can see, the market analysis process can be quite intensive to determine your home valuation. This is why having a skilled professional who does this everyday is crucial to getting the most for your property.

find the monthly payment for your new home

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