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You may choose to invest in renovating your living space, which can increase how much a buyer is willing to pay for it. This includes the local school district, as well as your home’s proximity to employment, entertainment and natural resources. Like other estimates, the Redfin Estimate is not a formal appraisal or substitute for the in-person expertise of a real estate agent or professional appraiser.
Redfin Owner Estimate
Checking a home valuation tool periodically can be helpful even if you’re not thinking of selling. It’s a question every homeowner wants to know the answer to, especially if you’re thinking about selling. Our affordable lending options, including FHA loans and VA loans, help make homeownership possible. Check out our affordability calculator, and look for homebuyer grants in your area. And from applying for a loan to managing your mortgage, Chase MyHome has you covered. Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase.
See local market trends
Home appraisers are licensed and trained professionals who conduct visual inspections, a comparative market analysis and provide a report at the end detailing everything that went into their appraised value of the home. If you're thinking about selling your home, a local Redfin agent can give you the best estimate of how much you'll put in your pocket after the sale. Setting up a consultation with a Redfin agent is totally free and in most markets we only charge a 1% listing fee when you sell your home.
About Chase
For the most accurate estimate, contact us to request a Comparable Market Analysis (CMA). This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area. To calculate the Redfin Estimate, we combine hundreds of data points about the market, the neighborhood, and the home itself—all to provide you with the most accurate home-valuation tools. Just like there are numerous external factors driving home values up, the same goes for when your home’s value declines. It could be because there are too many similar homes for sale with far less demand, creating a buyer’s market.
How much is my property worth?
Determining how much your house is worth depends on a number of factors, and can fluctuate, up or down, throughout the years. Some of those factors are in your control, like if you made home improvements to boost the value of your house. Others, like the current economy and local housing market trends, are less in your control.
What affects the value of my home?
An easy way to identify a finished basement is if it’s ready to live in or can serve as an additional room such as a place for relatives to stay, a home office, or a child’s playroom. Buying a new home and finding out the roof needs to be replaced is a large financial project to take on. As a seller, putting your house on the market with an updated roof raises the desirability of your home.
But it’s important to remember unexpected events can radically change house prices, with Brexit and the Coronavirus pandemic both providing recent examples. Be sure to check for differences between national housing trends and your local area, down to street level. Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.
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Unreported additions, updates and remodels aren’t reflected in the Zestimate. By receiving both estimates, you’ll have the benefit of a reliable estimated range you can expect your home value to fall within. We’ll walk you through the loan qualification requirements, various first-time homebuyer programs, and loan options available. This is what your property taxes are based on — the dollar value of your property as determined by your area’s local tax assessors.
A preapproval is based on a review of income and asset information you provide, your credit report and an automated underwriting system review. The issuance of a preapproval letter is not a loan commitment or a guarantee for loan approval. Preapprovals are not available on all products and may expire after 90 days.
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For example, if you have a 2,000 square foot home with a big garage, two bedrooms and one bathroom it'll likely be valued less than a 2,000 square foot place with a smaller garage, three bedrooms and one bathroom. Other homes in the neighborhood influence the value of your home as well. One way to initiate home comps is by looking at the prices of homes like yours that have recently sold to help determine your home’s potential value. The Redfin Estimate is an automated calculation of the market value of an individual home.
While tools like this can account for neighborhood comps, trends in real estate markets, and other factors, there is some information that no estimation tool can always account for. This, ultimately, is the amount a buyer would be willing to pay for the home. Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. We offer the Redfin Estimate where we have enough local and home-specific data to maintain our accuracy levels.