What is My Home Worth?
If you are just looking for an idea of your home's value, you can use the form below. For more in depth information, read on below!
If you are trying to get the current market value on your home in Newark, it takes a lot more work than just getting a computer generated estimated value report. Computer valuations are great as far as they go, but they may or may not give you a reasonable estimate. More often than not they are wrong and even worse, they mislead people into thinking their home is worth much more or much less than it actually is.
After careful inspection of the interior and exterior of your house, I go back to my office and begin crunching the numbers. I look at what appraisers consider when establishing their opinion of value, closed sales near you, pending sales, actives and expired and withdrawn listings
In addition, I will look at some other things that automated valuations just don't have access to including what settlement help or closing contributions were made by the seller. I will explain this further when I meet with you..
"Above and Beyond"
I had an amazing experience working with Sean. His professionalism is top notch and was always there for me as I was selling an out of town rental property. He went above and beyond to help me sell this property in Newark. Being from out of town, I needed Sean to recommend trades to complete work at the rental and all his recommendations were spot on with all trades. I would give 10 stars if possible!
Are you looking for a REALTOR® who understands how to prepare your investment property for sale? I have helped many absentee owners in getting their homes or investment properties prepared for sale. I am teamed up with local contractors, handymen, designers, landscapers, plumbers, roofers, electricians and housecleaners to get your property ready to sell.
Your home is an important investment. Whether you want to sell your house to move away, retire, downsize, or upsize...regardless of the reason is you are considering the decision to sell your property, now is the best time to call me. You can reach me at 302-733-7020. Our call is completely confidential.
What is the Best Way to Find My Home's Value
I will go through how most of the online home value estimators are not always accurate in their results. They are convenient and easy, but not necessarily accurate.
The first thing you'll need to know is what the real estate market is like around your home and area. In other words, what are the market conditions?
Is it booming(seller's market) with prices going up, steady(normal market) or are homes taking longer to sell(buyers market) and prices going down?
In addtion, there are other economic factors that impact the housing market both locally and nationally.
If you are a homeowner, you likely will start your search for your home value on the internet. You can easily get a quick price estimate on your home with an online home evaluation report, but how does it work?
Why Would You Need To Know Your Homes Value
Quite simply, for most people a home is the biggest monetary investment they will make in their life. It makes sense to monitor that investment. When you know your homes value, you can quickly estimate how much equity you have in your home.
Equity is the difference between the fair market value of a home and the amount owed on the mortgage. So, if your house is worth $200,000 and you owe $80,000, you have $120,000 in equity. Knowing how much equity you have in your house is important because it affects what you can borrow when you buy or sell a house. In other words, equity is the seller's net position.
Most financial advisors will want to track your net assets and equity is an asset.
Why should I get an Online Home Valuation
Home Value estimators are not very accurate but they serve a great purpose. They give you a quick and easy report on your home value. If you just want to keep an eye on the market and aren't really thinking of selling your home, they can be a great tool. In all likelihood, they are not giving your Newark home the price it deserves though! Online home valuation tools can't see your home, they don't know any updates or upgrades you have made
Automated home value sites rely on data gathered from the public records. Unfortunately, they apply their data across all the homes in the market. They have no way of seeing inside your house and comparing it to other homes in the area.
What about your updated kitchen versus the other home that hasn't been updated in years?
What about the large deck you just installed?
You need the right tool for the right job and if you are really thinking of selling, an online estimate is definitely not the right tool!
Why Should I get an Appraisal?
Appraisals can be very helpful for establishing your home's value. In fact, a bank will require an appraisal when providing a mortgage for a home. An appraisal is an appraiser's opinion of value.
An appraisal can be a great tool especially if your home is significantly different than other homes in the neighborhood or area. For example, if you have a 6 or 7 bedroom home built in the 1920's in a neighborhood of 3-4 bedroom homes built in the 1970's your home may be very different from the neighborhood and area comps.
An appraisal is only good for the time that the appraisal report is done. Here's a good time for an experience that may illustrate that point.
I had some sellers a few years back that paid for an appraisal. The appraiser came in and did an appraisal. We listed the property for slightly below what the appraiser recommended. Within a week, my sellers were under contract with multiple offers on the property over list price.
The sellers picked an offer and the buyers bank arranged for an appraisal report. Within a week, an appraiser came to their home. The appraisal came back for almost $20,000 less than the original appraisal that was done 2 weeks earlier- and it was done by the same appraiser!
Why Should I get a CMA or Market Analysis?
In order for you to be able to sell your home for the most amount of money and in the shortest period, you will need to have the most accurate market analysis on your property.
A current market price accounts for a variety of factors: neighborhood market average; address; average home sale; typical market conditions; appreciation over time; homes for sale; amenities; marketability; and demand are all considered when setting a homeowners sales price.
Everything counts in a market analysis. Home improvements in the living room, master bedroom, kitchen, bathrooms, decks, and landscaping all matter. As do age and condition of mechanical and structural items like the roof, hot water heater, and heating system.
In addition, a thorough knowledge of the real estate market in the area is important. Is the market rising, stable or sinking? How fast are homes selling for in that area and price range? Each market has submarkets.
If you are seriously considering selling your Newark home, I would definitely recommend a CMA. Want more information on Home Valuations, Appraisals, and CMA's.
Request a CMA of Your Home?
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"Above and Beyond what We Expected"
Sean provided us with exceptional service and support. He often went above and beyond what we expected in the way of realty services. We would without question use his services again. we also became good friends!
What's My Home Worth With Updates and Upgrades?
If you are considering updating, renovating or upgrading anything in your home before selling it, you should give me a call 302-733-7020 for a consultation. While some upgrades may improve your home's value, they may not be worth it. It is rare for a homeowner to get back on the sale what they have invested in upgrading dollar for dollar. However, a home that is in excellent condition may sell faster and for more money.
What are the Best Updates?
Bathrooms and kitchens are always the most sought after renovations. Any other renovations that add to the livable space of the home will improve the value. For instance, if you add a deck or a screen porch or if you were to finish the basement you would definitely increase the value of the home. Always make sure you get any necessary permits for any renovations that you undertake. Also, any major expense such as roofs, heating, air conditioning, and siding can improve the value of your home.
What Upgrades Get The Most ROI?
- Attic Insulation ?saw a cost ROI of 121.1% in the Mid-Atlantic region
- Manufactured Stone Veneer had a ROI of 90.3% in the Mid-Atlantic region
- Entry Door Replacement had a ROI of 79.5%
- Garage Door Replacement had a ROI of 77%
- Minor Kitchen Remodel had a ROI of 75.9%
- Siding Replacement had a ROI of 75%
- Roofing Replacement had a ROI of 68.9%
- Deck Addition(Wood) had a ROI of 63.8%
- Family Room Addition had a ROI of 63.4%
- Universal Design Bathroom had a ROI of 62.7%
- Two-Story Addition had a ROI of 61.4%
- Basement Remodel had a ROI of 60.5%
- All of the ROI's are based on the
Mid Atlantic Region in the Mid range price range. - Data is from Remodeling.hw.net
What are Some Cheap Ways to Improve my Home?
Here are a few relatively simple and inexpensive ways to increase the value of your home that will appeal to home buyers and lead to a quicker sale.
Curb Appeal First Impressions Count- The first impression for most buyers is right when they pull up to your home. Make sure the lawn is cut, edges trimmed and the garbage cans are put away. If possible, have fresh mulch in the flower beds and make sure bushes and trees are trimmed. Clean and or paint the front door. Anything you can do to make a great first impression helps when selling your home for the most money and it all starts with curb appeal..
Clean, Clean and then Clean some more- Buyers don't want to walk into a dirty home and this will only cost you some elbow grease. Buyers who are serious about purchasing your home will look in bathroom and kitchen cabinets for leaks, so its important that everything be sparkling from top to bottom. Buyers can't see past the dirt, so take a little time and clean. If you can, have your carpets professionally cleaned and hire a regular cleaning service to keep your home clean while it is on the market.
What Else Can I Do to Make My Home Worth More?
Make Your Rooms Appear Larger - Paint can make quite a difference. Changing your room color to a lighter shade can make the room appear larger and darker colors will make your room appear smalller. Using draperies that are the same color as the room also will make rooms appear larger.
Neutral Colors- When you are selling your home, it is important to cover up any bright and bold colored walls in a fresh coat of paint in neutral colors. Neutral colors like off white, tan, beige and light blues and greens work best.
Remove the Personal- Any items of a personal nature should be removed from walls, shelves and refrigerators. To get the most money for your home, you want any buyers that come in to think of your house as their next home. If it is full of your memories, photos, and other personal items, it will be difficult for them to imagine themselves living in your home.
Schedule Your Home Consultation Today
It's quick and easy, and there is no obligation.
Why is My Home Value Going Down on Zillow?
Zillow's Zestimate® is a computer algorithm that uses data based on real estate market trends and using past sales to form an estimated home value. While the exact algorithm is proprietary, it is not 100% accurate across all homes.
Generally speaking, if the market is going down in the area your home value will likely go down as well. Zillow can't know any updates or upgrades that have been done in the home. Zillow itself indicates on its website that its estimate is just a starting point . They even recommend getting a comparative market analysis (CMA) from a real estate agent.
Why are Home Value Apps like Zillow Inaccurate?
Zillow estimates only 48.9% of Delaware sales are within 5% of the sales price. That means over half of all people who sell their home would be disappointed with zillow's estimate of their home's value. 29.9% of the home sales in Delaware were not even within 10% of Zillow's estimate.
How Do Automated Home Valuations Work?
Automated Home Valuations use algorithms to figure out what your home should be worth. They take into account how much the market has gone up or down and adjust that based on the home's original sales price.
If you are using a home valuation tool, they can be very helpful for general real estate market trends but remember their accuracy is limited.
Home Valuation FAQ's
The best way to find the value of your home is to contact a real estate agent for a market analysis. The second best way is to have an appraisal, this is only good for the time that the appraiser does it and expires as soon as it is done. It also costs more than a market analysis(usually free). The third best way is to use a online evaluation tool. Zillow, Trulia, Realtor dot com, Nerdwallet, chase, pennymacusa, homes dot com all offer this. You can find one at the top of this page. Most of the large brokerages also offer it; Century 21, Coldwell Banker, Weichert, Keller Williams, ERA, Re/Max and Long and Foster all offer versions of this type of tool.
In some cases, they are. Most of the time, they are not. In Delaware, they are within 5% of the sales price 86% of the time. They are within 10% of the sales price 96.3% of the time. They are within 20% of the sales price 98.2% of the time. At an average sales price of $250,000, 20% is $50,000. That's a pretty large margin of error!
A number of things can make property value increase. The area surrounding the property, the school district, home upgrades and remodeling all can make an impact. Some of these items like property values in the area and the school district, you don't have any control over. Upgrades, remodeling, curb appeal, paint, flooring are all choices that you do control.
The best and cheapest way is to get a free market analysis. You can set up one right on this page.
I would recommend discussing that with your agent. You can look further up on this post for the best repairs/remodels, but some of them may not make financial sense for you.
You should have received a copy of the appraisal when you bought your house or even if you refinanced. If you don't have it, you can try to contact your loan officer to see if they have a copy.
That's a good question! Honestly, I don't think there is any data comparing the home value sites. In any case, most of the sites recommend you getting in touch with a REALTOR® anyway.
It does have the most accurate starting data since it has access to the MLS information. If that gets you a better number after their algorithm runs, who knows?
They are each made by different companies. If you are looking for accuracy, you should contact an agent.
I actually think Zillow is a great site in some ways. Most agents hate that Zillow's data is inaccurate, that their zestimates are inaccurate, and that search engines give them preferential treatment putting them at the top of search results.
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It's quick and easy, and there is no obligation.
An Automated Valuation Model (AVM) is a computer-generated valuation of a home, which is often used to determine the value of the home. AVM's are often used instead of more traditional ways such as a CMA or appraisal, as they are much faste. However, their use is a controversial practice, since they are only as good as their programming, and even the most advanced software can't account for unexpected variables.
When you decide to sell your home, you may want to have a Comparative Market Analysis (CMA) completed. A CMA is used to determine a reasonable listing price for a home, based on comparable sold listings and homes that are currently on the market. A Comparative Market Analysis (CMA) is a detailed report that compares your property's recent sales statistics to other recently sold properties in its area. It is a critical tool in determining what your home and property are worth.
Real estate agents base a home's value on many factors. Some of the most significant include the location and condition of the home, the style of the home, the square footage, the number of bedrooms and bathrooms, and the home's proximity to schools, parks, and shopping centers. Together, these factors determine the home's value. What can you do to ensure your home is valued at an amount that's consistent with its market value? Keep it clean and in good repair.
Home values are always changing, for a variety of reasons. The most obvious is the state of the local economy. When times are tough, and jobs are scarce, home values tend to drop. But even in strong economies, home values fluctuate as a result of changes in local and regional supply and demand. The value of your home will change over time, depending on its condition and the prices of other homes sold..