WHAT'S THE CURRENT MARKET VALUE OF MY HOME?

Thinking of Selling Your Home? We will provide you with a Free Custom Market Analysis Report along with an accurate Home Valuation.

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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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Get to Know Us

 

We help buyers and sellers in the city of Chicago and the North Shore and Northwest suburbs. As experienced and well-respected leaders in real estate, Lyn and her team have developed an unsurpassed reputation for integrity, likeability, finding their buyers homes, and getting houses sold.  Through @properties’ technology, large agent network, and our relationship with agents, we have the broadest agent network to ensure you don’t miss out on any listings or potential buyers. We are also an exclusive affiliate of Christie’s International Real Estate and have a vast network of affiliated agents around the world.

 

Lyn Wise Group

(312) 860-7294

[email protected]

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