12 Mar 4 common ways people obtain the value of their property!
Zillow gives a Zestimate, which is an “Estimate” of value using a formula they created. Zillow gathers information surrounding a home then using their formula, the program determines what might be the likely value. If you have a mixture of sizes and types of homes, then the value is could to be off, after all Zillow it is only a computer algorithm. Just keep this in mind.
Opinion of Value uses data of surrounding homes and gives an opinion of the property’s value based off what has currently sold in the area, market trends, and historical information. An Opinion of Value uses information obtained from the internet using recorded sales information and is in letter format.
Market Analysis of a home requires an onsite visit by someone who knows how to give value to amenities. A more detailed report, value is given to improvements, location, condition amenities, in addition to size, bedroom, and bathroom count. This written report is a more accurate report without paying a fee.
Appraisals have a charge. When a property needs to have an independent value, an appraiser will do an onsite visit and will make monetary adjustments for condition, size, # of bedrooms and bathrooms and a host of other items including potentially cost to rebuild the property and what the property might rent for.
We as a free service provide Market Analysis and Opinions of value. Please reach out to us! We are always here to assist!