When putting your house on the market, setting the right asking price is one of the most important decisions you’ll make. Price too high and your home could sit unsold for months. Price too low and you leave money on the table. Using a reliable home value estimator takes the guesswork out of determining how much your house is actually worth in current market conditions.
What is a Home Value Estimator?
A home value estimator is an online or offline tool that provides an estimated market value of your home based on various property features and market data. Online home value estimators like HouseSigma provide automated valuations, while local realtors prepare more detailed comparative market analyses.
Benefits of Using a Home Value Estimator
Getting a home value estimate to know what your house is worth before listing your house for sale offers many benefits:
- Sets accurate listing price – The estimate provides a pricing guideline to attract buyers.
- Allows you to assess realtor promises – Verify realtor price opinions against your estimate.
- Helps appropriately price home upgrades – Know ROI of renovation projects.
- Prepares you for appraisals – Lenders require appraisals to approve loans.
- Gives confidence for negotiations – Know the pricing wiggle room you have.
While free online tools provide a ballpark figure, local realtors with extensive market knowledge often provide the most accurate estimates.
Factors that Determine Home Value
Professional home value estimators take into account:
- Location – neighbourhood, school district ratings, crime rates, etc.
- Property attributes – Lot size, square footage, layout, condition, upgrades.
- Comparable sales – Prices of recent home sales in the area.
- Market trends – Appreciation/depreciation, supply and demand dynamics.
- Intangibles – Curb appeal, landscaping, fixtures, and overall charm.
The relative weight given to each factor above impacts the accuracy of the final home value estimate.
Getting the Most Accurate Home Value Estimate
For the most accurate estimate of your home’s market value, connect with a local real estate professional. Look for an experienced realtor active in your neighbourhood that can provide a Comparative Market Analysis (CMA).
A CMA from an area expert is superior to online automated valuations. The realtor will:
- Tour your home to get full details like upgrades not listed publicly.
- Research recent comparable home sales nearby.
- Factor in current local market conditions.
- Make appropriate adjustments to compare your home to those sold.
- Provide context on competing home inventory and demand by buyers.
The result is a dialed-in estimate of your home’s market value you can trust.
Use the Home Value Estimate to Your Benefit
A reliable home value estimator empowers you to:
- Price it right from day one to maximize interest.
- Assess actual buyer demand when offers do or don’t come in.
- Negotiate from a position of knowledge during bidding wars.
- Set expectations for appraisals required by mortgage lenders.
- Avoid over-investing in upgrades by knowing the potential ROI.
The bottom line is an accurate home value estimate gives you key data to make smart decisions when selling your house. Both home sellers and buyers benefit from establishing a property’s true market value before listing. Leverage the knowledge to your advantage for a smooth sale.
Can a Realtor Find My Home Value?
Throughout the home selling process, a realtor is always helpful. A realtor like Steve Augustine can make sure you know your options and can achieve your real estate goals in . Our team at Your Home Sold Guaranteed Realty Elite - The Augustine Team will use our skills, experience, and knowledge of the local market to ensure you sell your home quickly and for top dollar. Our team also uses the strongest marketing strategies so that you can rest assured that your home sells as fast as possible.
When you are ready to put your home on the market and begin your home selling journey, give our team a call at (289) 235-8000 or fill out the form on this page with the requested information to get a detailed response from our realtors. We will be happy to answer any questions and address all of your concerns to make sure you are comfortable and confident in your decisions throughout the process.
We look forward to hearing from you and helping you begin your real estate journey!
Get a Free Home Valuation: As part of our Sell Now process, we provide a free home valuation. Does your home need some minor repairs to increase the value? Check out our Get Your Home Ready offer. You can choose to receive up to 1% of your listing price up front prior to listing to cover any home upgrades required to maximize your sale.