Regular visitors to my site may notice that I have removed the "Home Valuation Calculator."  I hesitated to add this calculator to my site in the first place, since I have not found any site that was able to consider all of the information and nuances that are required to accurately figure a value of a property. I always recommend that a seller consult and licensed real estate agent (like me) and ask them to work up a comparable market analysis (CMA), customized for their unique property. 

In order to determine value, we must understand what "value" means in this context. The value I'm going to look at here is from a seller's perspective. What is a reasonable price to ask for your home in the current market? First we must gather information about the subject property, i.e. the condition, location, size,  number of beds and baths, garage space, lot size and condition, etc. Then we determine which neighborhoods are similar to the subject properties neighborhood. It could be that the subject neighborhood is so unique that no other neighborhoods compare. Finally we find other homes of similar size, condition, amenities which have already SOLD. This leads me to what value means. It is one of those slippery nouns but in this application, it is the marketable price or the price agreed upon by a reasonable buyer and reasonable seller. The price or value is determined by negotiation and agreement.  An active listing is not a useful comparison, because all we learn from that is what the seller wants to sell the house for. It does not give us the other part of the equation, which is what would a buyer pay for that house.    

Once we gather that information we compare the "comparable properties" to the subject property and come up with a rough value.  I used my own home to test some home valuation websites and found that although the ranges were fairly accurate, they were ranges with spreads of $30,000 to $70,000. Most of us could guess at such a range off the top of our heads. In addition, several of them give you, the user, comparable properties to choose from, but if you are not familiar with those properties it would be difficult to make those choices. And to be frank, as home owners, we are incredibly biased regarding our homes. We know exactly which improvements we've made, how much work we've put into our gardens and how diligent we are in our upkeep and maintenance. No other home is going to be as nice as ours!     

The best way to get an estimated value on your home is to ask a licensed local real estate agent to work up an unbiased, detailed report for you. Many of us are happy to do so with no obligation.  Call me!