WHAT IS A HOME VALUATION?
How much is your home worth?
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Home valuations give you valuable knowledge that can help you plan for the future and make intelligent decisions.
It’s good practice to stay informed about how much equity you have in your home and how much you may be able to borrow against it or sell it for.
Our tool provides a more robust, accurate assessment than you’ll get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis!
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How the Estimate Is Calculated and Its Accuracy
WHAT IS A HOME VALUATION?
A home valuation determines the current market value of a residential property.
HOW IS IT CALCULATED?
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.
HOW ACCURATE IS IT?
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.
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Two Accurate Ways to Perform Home Valuations
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are priced out, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
HOW WE SELL HOMES
Situations When a Home Valuation May Be Necessary
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.
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.
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.
What a pleasure it was working with this group!
Terri and her team are the only ones we would use in the desert! They are awesome!
Terri and her group members are knowledgeable and responsive. One could not ask for better representation in the Coachella Valley.
Jennifer and Terri combed a barren market for just the right house in the right community at Trilogy at the Polo Club. Always a pleasure.
Terry and her group are on top of what's going on in Coachella Valley, which gives her the edge on Real Estate. I will use her on my next buy and sell.
Terri goes the extra mile to help out. I went through 2 brokers prior to finding Terri, who even during the pandemic, it didn't deter her from her work.
Terri and her team are the most knowledgeable and hardest working team in the desert. They made my sale seamless. Would use them again. Highly recommended.
Terry is very professional top to bottom very knowledgeable about the area you will be happy to have your listed with her. We have our home sold $50k over asking price.
Teri is very knowledge about the properties in Indian Ridge CC. My transaction was run efficiently. Jennifer, Teri's assistant is great. I give them a high recommendation.
The right amount of information to satisfy any customer, the people make you feel that you are the important client and you as a customer get nothing but excellent service.
I have done 6 real estate transactions with Terri all with ease. Terri and her group know the desert and will take care of you from the search to the sell. Recommend them highly.
Terri, you and Jennifer did a great job. The house had many challenges and you solved all of the problems. Will suggest you guy to anyone interested in desert real estate.Thanks again.
We were extremely pleased with Terri and her team with the selling of our vacation home. They offered excellent advice, answered every question promptly and helped us make informed decisions.
If you are looking to buy property in Palm Desert, and specifically Indian Ridge, there is truly only one agent to use Terri Munselle. My husband and I drove down from the San Francisco Bay.
If you're looking for the best in the Industry. You found it with the most professional, responsive, dedicated and trustworthy REALTOR in Terri Munselle and her team! They are simply the best.
I couldn’t be happier with my experience selling a residential property in Palm Desert with the help of the Munselle Group. As trustee of a family trust, I was responsible for selling a property.
Purchased property with Terri’s help and it was a fantastic experience thorough, extremely knowledgeable, professional and personable! I highly recommend working with them on your real estate needs.
Terri accomplished a very difficult task, understood our desires, our requirements and our timing restrictions. Terri was able to answer any and all questions regarding Indian Ridge. I appreciated her.
I enjoyed working with everyone associated with The Munselle Group. Teri was always looking for the right house for me and there was constant follow through. And, quite quickly, I got a great desert home!
High praise for the extraordinary service provided by The Munselle Group throughout the entire process. I can’t imagine anyone more knowledgeable than Terri and give her my highest recommendation for all of your Desert real est...