Online Valuation Tools
In today's high-tech world there are a number of home pricing tools available to consumers. While these tools are great for keeping up with how prices are trending they are not recommended for actually determining what you should expect your home to sell or appraise for. The automated value measurement (aka "AVM") tools use various algorithms using publicly available feeds and tax records which tend to be historical indicators as the data feeds they utilize are not updated in real-time.
Zillow, Corelogic, Smartzip, and iValues are examples of the better AVM's. We created the one below that actually compiles information from a variety of these so you can see the median and average in one look:
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Home Value, Equity Tracker and Rate Checker
One of my favorite consumer tools comes from Homebot, a small company in Australia, that is built for the mortgage & securities industry. With this tool, you get a quick valuation of your property plus much more. The system tracks recorded mortgages on your property, complete with the interest rate and loan balance. The system will take the information and run tests to show you how your current equity might be used to leverage buying other properties and also what refinancing your rate and/or term would do. It's quite powerful and will send you automatic updates monthly so you can track your equity and progress.
TRY IT OUT - Enter your property address below and watch it work!
Appraisal and CMA
The most real-time and bank trusted data comes from local multiple listing services (aka "MLS") that compile active, pending and sold housing data from real estate transactions at the local level. This data is exclusively available to certified appraisers and licensed REALTORS© and is required to be updated within hours of a real estate closing.
Appraisers are hired by lending institutions to evaluate the subject property's location, condition, and uniqueness as compared to recent similar property sales within a tight location with only similar properties. Attorneys and municipalities sometimes hire certified appraisers to evaluate properties for a variety of court proceeds such as estate resolution, divorces, eminent domain or government acquisition.
Real estate agents also use the same data as certified appraisers to create a real-time comparative market analysis (aka "CMA"). The CMA is used to determine a likely price RANGE that a property would sell for in a "normal" marketing period taking into account location, condition, and adjustments for a variety of other possible factors.
If you would like a free CMA for your property, enter your information below. My team does not charge homeowners to do a free real-time CMA as we believe if we provide the service first the business and/or referrals will follow later.
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