Home Valuation

Why Knowing The Value Of Your Home Is Important-And Why A Zillow Zestimate Is Not An Accurate Tool.

If you’re using a Zillow Zestimate to get an accurate home valuation, you may get a skewed result, which could then affect your home’s listing price. While Zillow has historically provided relatively accurate estimates based on the year the home was built, the number of bedrooms, square footage, and other quantitative data, they’ve recently changed their algorithm. Even when Zillow was fairly accurate, it still provided only an estimate as opposed to a true valuation done by an appraiser or Comparative Market Analysis. Here’s how to get an accurate home valuation and why relying on Zillow or similar sites is usually a bad idea. Outstanding client service, experienced business practices, and ingenious marketing strategies are what make our team the most trusted team in the area.Outstanding client service, experienced business practices, and ingenious marketing strategies is what makes our team the most trusted team in the area.

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What is a Home Valuation?

A home valuation is just a fancy way of saying what the value of your home is. They are used during real estate transactions such as buy-sell or refinances to ensure homeowners or buyers are not overborrowing for a property. The home is used for collateral in a mortgage, and if the borrower defaults on his or her loan, the lender will sell the home to recoup the money lent to buy it. If the home was overvalued and they lent too much, they could lose money. The home valuation ensures they will be able to recoup costs should the mortgage not be paid in full.

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What is a Zillow Zestimate?

A Zillow Zestimate is an automated home valuation tool and is recommended as a starting point when determining the value of your home. It incorporates user-submitted and public data and takes into account home facts, location, and market conditions. Zestimates are done entirely online, and no representative of Zillow will visit your home to perform an appraisal. Banks and lenders do not use Zillow or similar services to estimate property and instead rely on the expertise of a licensed appraiser. A Zestimate can be off by nearly 5% nearly 40% of the time in some markets, which amounts to around $15,000 on a $300,000 home.

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What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

The main difference between the two is that a Zillow Zestimate is simply an algorithm. You punch in data, and a value pops out. There is no actual human involved who views your home, compares it against others on the market, and produces a detailed report. When an agent conducts a valuation, they are actively involved in the process and create a valuation that is personalized and in-depth.

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Ryan B.

Melissa is one of the hardest working real estate agents in the area. We found her after we lost an offer when she was the seller’s agent on a previous home. I decided to contact her because I was impressed with her knowledge o...
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Natalie M.

Melissa is very knowledgeable and is an expert in relocation. She has made the move for our family of six very seamless and has been extremely helpful with all aspects of relocating to an area that we are not familiar with. I a...
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Sue

From my first encounter with Melissa earlier this year, she has exhibited expertise, knowledge, professionalism, and genuine care. My initial encounter with Melissa was not planned but was meant to be. In working with her to se...
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Karie L.

Melissa was great. She provided a lot of industry knowledge and gave us great advice along the way. She was always responsive when we had questions too. I would highly recommend her to others.
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Claman C.

Melissa is remarkable. His breath of knowledge and savvy are incomparable. We have worked together over many years on four houses and all successfully, both buying and selling.
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Pepe

Melissa has been in the real estate business for many years. She and Sarah, her team coordinator, were quick to respond to every question from day one to the settlement day. I highly recommend her if you are looking for an expe...
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Sandy L.

Melissa was so knowledgeable and went above and beyond for us. We appreciated her making everything so easy. From the moment we first met we were at ease having her handle everything. She helped us buy a home and sell ours.
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Buyer & Seller

During the purchasing process, Amy was excellent in every way. She is extremely knowledgeable about the area market and provided sensible guidance and advice to us every step of the process. She was quick to find new listings t...
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Gazda A.

Mary Ann was very knowledgeable of the buying process and was willing to help with any of my needs. I would recommend Mary Ann to anyone searching for a new home.
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Sabitha R.

Kaylin did an outstanding job. We would love to work with her in the future to buy more houses. She has a lot of patience and explains clearly if we don’t understand something. I highly recommend that anyone who is willing to b...
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Jen Healy

Sandy is the absolute best! So knowledgeable! Been in the business a long time and has contacts for everything you might need. Most of all she is a kind person and truly loves what she does. Her genuine excitement for us made t...
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Mike B.

Mike B.

I have purchased and sold dozens of homes with Sarah as my realtor. Sarah is always on top of all the details. She is a fantastic negotiator and has always strived to get the best result for me, her customer. Anytime I can, I r...
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Mina B.

Anna is a top notch real estate agent. She represented us on the sale of our home. She is incredibly knowledgeable about the market and how to best position your home to get the best offer. Her #1 asset is her communication ski...
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How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. ​​​​​​​Here is how the two differ:

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. ​​​​​​​Here are some more situations when a home valuation may be necessary:

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