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The Ultimate Guide To Your Home Value Estimate

Written by on Friday, 07 March 2014 3:52 pm
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One of the best tools when it comes time to sell your home is an online home value estimate. You might be asking yourself, what exactly is an online value estimator and how does it work? Let’s break it down.

Online home estimates use Automated Valuation Models or AVMs to determine the true value of a property based on its features and comparable homes in the area. At First Team we’ve developed our own state-of-the-art property valuation engine powered by the same technology used by major lenders, mortgage servicers and investment bankers nationwide.

By giving you the tools to accurately determine how much your home is worth, the First Team Home Value Estimate helps home sellers prepare for and succeed in their home sale.

Home Seller Benefits

The First Team Home Value Estimate is made to help home sellers recognize the true value of their home. Simply input your address into the First Team home estimate and you will see an approximate value, estimated range and full comparables report of similar homes and their sold prices. We utilize a number of algorithms to calculate your home’s value including appraisal emulation, neighborhood specific comparable’s and time adjustments’.

Figuring out the value of your home is a crucial first step in the home sale process because it helps set in place your entire selling strategy and plan. Knowing the home’s true value will help you decide whether you’d like to sell your home as is or renovate and remodel to increase its value. It will set a budget for the next home you can buy. It will also give you a realistic range when it comes time to list your home and set your asking price.

Another benefit of First Team’s home estimate is to help sellers decide when it’s the right time to sell. Sometimes a move is set in motion because of a life change like job relocation but sometimes selling is a financially strategic move. Finding out the value of your home lets you know if relocating could put money in your pocket and lead you onto new and better things. It can also indicate when a move isn’t such a good idea for your financial future.

Even home buyers can benefit from checking home values. If you are interested in a home, it’s important to know the market value of the property so you know what price is appropriate if you’re interested in making an offer.

What the estimate doesn’t tell you

Online home value estimates are a great jumping off point. They give you an initial picture of what your home is worth based on comparables and helps you get a clear picture of what your home sale will be.

However no algorithm can beat the expertise and intimate market and industry knowledge of an agent. The computer doesn’t know some very important factors that affect price like the condition of your home itself. Recent remodels, curb appeal, additions on a home and upgrades all effect the final selling price of your home. Also, real live agents can pick up on market trends must faster than the algorithm as well.

If you’re in the market to sell your home and would like to find out the most accurate value and price for it, then hire an appraiser or contact us at First Team Real Estate. With tools like our home value estimator and hyper local in-depth market knowledge, a First Team agent is the most important asset you need to sell your home for top dollar. Call or email us and we’ll connect you with a top agent in your area.

Email us at clientservices [at] firstteam.com

Call us at 888-870-1142

Originally posted at: http://www.firstteam.com/blog/?p=7694


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2 comments

  • Comment Link Charles Collier Monday, 10 March 2014 10:31 am posted by Charles Collier

    Mz. Desiderio is absolutely correct. AVMs work well where there is a load of data from similar properties to average and extrapolate from. But in rural or areas mixed with specialty properties the AVM seldom can come up with an accurate market value. The fact is, the only thing worse than no data is incorrect data and that is exactly what is produced by AVMs many times. I can't tell you how many times I have had to address complaints from Seller's because "I" valued their home too low on the AVM. I have begun to see Seller's who specifically request their homes NOT be advertised on websites that use AVM. If you want an accurate and timely market value, contact a local certified appraiser.

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  • Comment Link Judi A Desiderio Monday, 10 March 2014 10:02 am posted by Judi A Desiderio

    With all due respect, firstteam.com is as invalid as Zillow is on reliability for evaluating home values in the Hamptons, North Fork and Shelter Island. Since we are virtually islands nearly surrounded on all sides by water we are a most unique market.
    traditional 'subdivision' type comps by the dozens are non existent. Furthermore, due to the unique nature of our markets beyond the slim slivers of land, you have homes ranging from 300 year old historic beauties to brand new mcmansions. Additionally, you have roads such as Daniel's Lane in Sagaponack where being on the south side vs the north side could add 20% on the same size lot. Lastly, waterfront properties could value at 4 to 5 times what plots across the street sell for. Bottom line, when you have such a specialized market such as the Hamptons it is impossible to institutionalize valuations. Appraisers in our areas NEVER use any of these tools... they personally inspect each and every comp as well as the subject property.

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