MARKET ANALYSIS
Accurate Home Valuation for Your Fishers, IN Property
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Allen Williams
Real Estate Agent
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The market changes all the time, and so does the value of your home. Even if you're not planning to sell anytime soon, it's smart to know where you stand. Keeping an eye on your home's value can help you plan ahead, understand how much equity you've built, and make informed decisions when the time is right.
Our personalized home value report is a great place to start and is typically more accurate than the estimates you'll find on many national real estate websites. If you'd like a more precise value, rather than relying on an algorithm, I'll prepare a customized Comparative Market Analysis based on your home's features, condition, location, and the most recent sales in and around your neighborhood.
I don't stop with homes that have already sold. I also analyze comparable active listings (homes currently available for sale), pending listings (homes that have accepted offers but not yet sold), and expired listings (homes that did not sell and were pulled off the market), because each one tells a different story about today's market. Sold homes show us what buyers have been willing to pay. Pending homes reveal what buyers are choosing right now. Active listings show the competition your home would face. Expired listings often explain why a home didn't sell in the first place, whether it was priced too high, had condition issues, a challenging floor plan, or simply wasn't marketed effectively.
That's the difference between an automated estimate and a true market analysis. A software system or website can compare data, but an experienced Fishers REALTOR® can interpret it, understand the neighborhood, and explain what it means for your home’s value.
A home valuation is an estimate of what your home would sell for in today's market. It considers recent sales, your home's condition, location, size, features, and what buyers are paying for similar homes nearby. Whether you're thinking about selling or simply keeping an eye on your investment, knowing your home's value helps you understand your equity and where you stand in today's Fishers real estate market.
No two homes are exactly alike, which is why an accurate home valuation takes more than comparing square footage and a few recent sales. I also look at your home's condition, updates, floor plan, homesite, neighborhood location, and the features buyers are willing to pay more for. Then I compare your home to active, pending, sold, and expired listings to understand what buyers are buying, what they're overlooking, and how your home compares to the competition.
Online home value estimates are a good place to start, but they don't tell the whole story. They can't account for recent renovations, a premium homesite, custom finishes, or the difference between two streets in the same neighborhood. For a more accurate value, I prepare a personalized Comparative Market Analysis using current market data and 30+ years of experience pricing homes throughout Fishers and Hamilton County.
Two Accurate Ways to Perform Home Valuations
MARKET ANALYSIS
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.
APPRAISALS
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.
Situations When a Home Valuation May Be Necessary
REFINANCING
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.
HOME IMPROVEMENTS
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.
PLANNING
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.