Selling your home is one of your most significant financial decisions. Dickens Mitchener agents understand the importance of every transaction and draw on their market knowledge and experience to provide expert guidance throughout the process.
A home valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online home valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
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Step 1
Selling your home begins with a personalized plan tailored to your goals and your home. During a complimentary consultation, your Dickens Mitchener agent will tour your home, recommend steps to prepare it for the market, and provide a comparative market analysis (CMA) based on similar properties. Rather than rely on an online tool to value your home, your agent will utilize data and insight to determine real market value. Together, you will determine a strategic listing price and develop a comprehensive marketing plan designed to attract qualified buyers and position your home for a successful sale.
Step 2
Our in-house marketing team works alongside your agent to develop a customized plan that showcases your home across social media, email, video and print. This comprehensive approach is designed to reach prospective buyers wherever they are searching and give your property maximum exposure.
Step 3
Effective staging presents your home through a buyer’s eyes. Your Dickens Mitchener agent will recommend thoughtful updates and styling to create a welcoming, neutral setting where prospective buyers can envision themselves living.
A pre-listing inspection can also identify potential concerns before your home enters the market, helping buyers feel more confident when making an offer.
Situations When a Home Valuation May Be Necessary
REFINANCING
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
HOME IMPROVEMENTS
If you’re doing home improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home compares with others in the neighborhood and let this guide your home improvement decisions.
QUALIFYING FOR CREDIT
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20%. Getting a home valuation will help you determine if you qualify and will be used by the lender to make a decision on your loan.
PLANNING
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you.