What is my home worth – home Value?
Home worth or home value is an important question when selling or buying a home. I am providing, on this page, a computer generated home value from both Eppraisal and Zillow. These are computer based home worth estimates. Computer programs can determine the value of some things fairly accurately, however, every house is different and located in different market areas, which can affect a homes value drastically. These sites use their own custom mathematical algorithms to determine price values based on listing, pending and sold prices of surrounding homes within specific geographic locations. Unfortunately, some of the most important factors in “pricing” a home–school district, configuration, location, interior condition etc–are not considered in these mathematical equations, so much so that even Zillow admitted recently their home value estimates can be as much as 20 percent off the price for home worth. Adjacent communities can be as different as night and day and some should not be used in comparison, it’s impossible for accurate value numbers to be generated from a distance. If this were acceptable it would seem that most appraisals would be done similarly.
To accurately evaluate home value you need to have a local market expert who knows how to value houses and knows how much the location, condition, design features etc will affect the value. I have specialized in home worth evaluations for banks and other financial institutions, specifically in the Port Charlotte, Punta Gorda, and North Port area, for over 5 years now and do an average of 1,100 property valuations every year.
Listing your home at the right price is one of the most important factors in placing your home on the market.
When considering home worth I first go out and inspect your home, take pictures and consider:
- Curb appeal, garage, fencing, landscaping, and the curb appeal of neighboring houses.
- Details in general construction
- Defects and damage to construction
- Age and condition of existing foundation, roof, HVAC, plumbing, fixtures, and exterior.
- Size of Lot and home GLA (Gross living area)
- Condition of windows, doors, flooring, walls, electrical, kitchen, bathrooms, appliances, and light fixtures.
- Upgrades of flooring, bathroom, kitchen, appliances and HVAC.
- Extras like insulated windows, fireplaces, garage, security systems.
- Street condition
Finally, after considering all these factors, I find “Truly Comparable” houses within close proximity, with similar conditions, age, improvements, and neighborhoods. Typically I find at least 3 listings and 3 recent sales, preferably these homes have been listed or sold with the past 6 months. I analyze the recent sales to determine why they were sold at higher or lower prices based on the criteria above. I then make adjustments based on features and characteristics of your home to equate with the characteristics of the similar homes recently sold in your neighborhood.
Don’t forget the Zillow estimate is computer based and a decent starting point. If you are looking to list your home for sale, call me and have me do a full CMS and evaluation free of charge. .