If you’re a homeowner considering selling your house, one of the first things you’ll want to know is your home’s current market value. Getting an accurate home appraisal or price estimate allows you to set reasonable expectations for what your property could sell for. But when it comes to determining your property value, who should you turn to? Should you rely on a realtor, an appraiser, an automated valuation model (AVM), or an online estimate? Understanding the strengths and limitations of each approach can help you make an informed decision.
Appraisers, real estate agents, AVMs, and online tools all provide different types of property valuations and cater to different needs. Read on to learn more about each option so you can decide what works best for your situation.
Licensed Appraisers Provide Detailed Appraisals
To get a formal appraisal that banks accept for lending purposes, you’ll need to hire a licensed appraiser. Appraisers thoroughly inspect both the inside and outside of the home, taking precise measurements and notes about the current condition. They also evaluate similar properties that have recently sold in the same neighbourhood. This sales comparison approach leads the appraiser to establish a fair market property value estimate.
The appraisal report delivers an in-depth analysis you can rely on to help set your asking price. Just keep in mind that appraising and selling are different ballgames. So while an appraisal might indicate what fair value would be, the ultimate sales price depends on market demand.
Real Estate Agents Price Based on Location and Market Trends
Experienced realtors combine their familiarity with your local area and housing market trends to establish a comparative market analysis (CMA). The agent researches prices of recently sold homes in your neighbourhood that are similar to yours in size, age, and condition. By pricing your home relative to comparable sales, an agent can suggest a competitive listing price that aligns with current buyer demand.
Agents have immediate access to the latest data on homes going under contract. This real-time information positions them to predict what pricing level will generate interest among qualified buyers. Though not as detailed as a full appraisal valuation, a realtor’s pricing evaluation costs less (in most times it is free) while still reflecting current market activity.
Automated Valuation Models Quickly Estimate Worth
For a fast and free way to get a ballpark figure for what your home might be worth, automated valuation models (AVMs) crunch data on property details and local sales activity to generate a property value estimate in seconds. AVMs are a cost-efficient choice for sellers wanting a general idea before committing to a full appraisal. However, computer-generated home valuations aren’t always completely accurate since they can’t factor in every aspect that affects value.
Online Tools Provide Instant Range for Potential Price
In addition to AVMs provided by companies like Zillow in the U.S. or HouseSigma in Canada, many real estate broker and agent websites feature automated online tools you can use to instantly obtain a recommended listing price for your home. These easy-to-use online home value estimators ask you to enter your address plus details like square footage, beds/baths, property type, and year built. In return, you get an instant property value estimate along with comps of recently sold homes in your postal code. The computerized number gives you a price range to start with when interviewing realtors or appraisers. Just recognize that it’s not as personalized as other valuation methods.
To Maximize Your Sale Price, Hire an Expert Local Realtor
Regardless of whether you get an appraisal or AVM estimate upfront, partnering with an experienced local realtor is key to marketing your home for top dollar and ensuring it sells at fair market value. An agent thoroughly familiar with your specific area can price your property appropriately from the start, leverage their connections to generate interest, handle negotiations smoothly, and support you through a successful closing. Leaning on an agent’s expertise goes a long way when aiming to maximize your home’s sales proceeds.
Deciding who to turn to when you want an accurate property value takes some due diligence upfront. Appraisers, agents, AVMs, and online tools each have distinct advantages and limitations. By learning how each calculates home value estimates, sellers like yourself can discover the best route based on your budget, timing needs, and goals. The right support can make a big difference in setting your home’s list price neither too high nor too low to attract qualified buyers.
Can Your Home Sold Guaranteed Realty Elite - The Augustine Team Tell Me My Property’s Value?
Throughout the home selling process, a realtor is always helpful. Your realtor can make sure you know your options and can achieve your real estate goals in . Steve Augustine and Your Home Sold Guaranteed Realty Elite - The Augustine Team will use our skills, experience, and knowledge of the local market to ensure your home sells quickly and for top dollar. Our team also uses the strongest marketing strategies so that you can rest assured 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.
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.