If you’ve considered selling your home or want to assess its current market value, you’ve likely come across the term “Free Home Evaluation.” But what exactly is it, and should you trust it? In this blog, we unravel the mystery surrounding home evaluations, exploring what they are, why they’re sometimes offered for free, when they can be useful, and whether or not you can trust them.
What’s a Home Evaluation?
A Home Evaluation, also known as a Home Valuation or Comparative Market Analysis (CMA), is a service offered by real estate professionals to determine the approximate value of a property. It involves assessing various factors, including the property’s location, size and condition, and comparing it to similar, recently listed and sold homes in the neighbourhood. The goal is to provide homeowners with an estimate of their home’s worth in the current real estate market.
Home evaluations can be in writing or verbal, formal or informal, very detailed or simply just a dollar range, depending on why you need it and who performs it.
Why Are Home Evaluations Sometimes Offered for Free?
Many real estate agents offer free home evaluations to help them establish relationships with potential clients. They hope that by providing valuable information, they’ll earn your trust and business when you decide to buy or sell a property.
A home evaluation is different from a property appraisal, which is performed by a Certified Appraiser. Property appraisals are never free.
When Should You Get A Free Home Evaluation?
Knowing how much your home is worth is beneficial when you’re:
• Thinking of Selling Your Home: If you’re considering selling, knowing how much your home is worth helps you plan your next move. Getting a home evaluation is a great way to meet and assess potential selling agents and discuss your specific situation with professionals. If you don’t decide to sell now, you’ll have shortened the realtor selection process for when you are ready to sell!
• Buying Before Selling: You can’t really plan the budget for your new home without knowing how much your current home is worth. It’s important to remember that prices can quickly shift with changing market conditions. Nonetheless, it’s important to know the range of the value of your home – just make sure to budget at the bottom of the range (and lower if market prices are declining).
• Refinancing: Lenders usually require a full property appraisal when refinancing a mortgage, but a CMA can provide an initial estimate.
• Curious: Even if you’re not planning to move, you might be curious about your home’s worth, especially in a changing market.
If you are thinking of selling in the next little while and would like to know how much your home is worth at this time…
or you would like to upsize or downsize and need to know what the value of your home is so you can determine if it is actually worth it to move…
or you are looking to refinance and would like to get a second opinion after your bank sent in an appraiser…
or you are just curious and would like to know what you home is worth in this everchanging market, please reach out by calling me at 905-683-7800 and I will prepare a comprehensive and up-to-date home evaluation for you.
Thanks For Reading Today’s BLOG!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
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