155 Franklin Street Unit:4N, New York 10013
Property description
One-of-a-kind, freshly-renovated loft of unparalleled scale, quality and charm on the most prestigious block in TriBeCa. Seamlessly combines pre-war loft charm and modern design. The 4 spacious bed...
812 5th Avenue Floor 15, New York 10065
Property description
Own a Full Floor of American History on Fifth Avenue: exceptional residence available for the first time in almost 60 years. Seventy five feet of unobstructed views overlooking all of Central Park ...
403 Greenwich Street Unit:PH, New York 10013
Property description
ONE YEAR OF COMMON CHARGE AND REAL ESTATE TAX PAID FOR BY THE SPONSOR ON ANY CONTRACTS SIGNED BEFORE 3/1/2020 Located in a peaceful oasis of TriBeCa, this brand new five-bedroom home offers 4,176...
143 Reade Street Unit:3A, New York 10013
Property description
This sprawling four-bedroom condominium situated on a picturesque, cherry-tree-lined street in Tribeca was recently meticulously reimagined and updated. This exceptional property in Artisan Lofts o...
225 W 86TH Street 810, New York City, NY 10024
Listing Courtesy Kirsten Johanna Jordan with Corcoran Group
Property description
This exquisite four-bedroom, four-and-a-half-bathroom residence offers both northern and southern exposures, with serene views into the private courtyard garden. The home boasts soaring 10-foot cei...
Listing Courtesy Kirsten Johanna Jordan with Corcoran Group
150 Charles Street Unit:4EN, New York 10014
Property description
Welcome to coveted 150 Charles Street, the West Village's preeminent address. Join the ranks of notable figures who have made this distinguished location their home with its highly desirable locati...
580 PARK Avenue 6A, New York City, NY 10021
Listing Courtesy Amy Solomon with Douglas Elliman Real Estate
Property description
Welcome to Apartment 6A, Park Avenue's newest crown jewel. After a meticulous two-year renovation, this never-lived-in masterpiece sets a new standard for luxury living. With 3 bedrooms, 2.5 bathro...
Listing Courtesy Amy Solomon with Douglas Elliman Real Estate
480 Park Avenue #16G, New York 10022
Property description
Penthouse living on Park Avenue. This incredible sun-bathed residence boasts expansive, meticulously-renovated interiors, complemented by two large private terraces. Gracious galleries welcome you ...
36 Gramercy Park East Unit:7EN, New York 10003
Property description
Rare opportunity to combine units to customize and make your mark on a home in the "Grand Dame of Gramercy Park," with exposures overlooking the park. 36 Gramercy Park East is a full-service condom...
121 E 22ND Street 1505, New York City, NY 10010
Listing Courtesy Kirsten Jordan with Douglas Elliman Real Estate
Property description
Discover urban luxury in this exquisite high-floor Gramercy Park condo, N1505. With 10 ft ceilings, this 2 bedroom residence offers a harmonious blend of modern design and panoramic views.Enjoy the...
Listing Courtesy Kirsten Jordan with Douglas Elliman Real Estate
131 East 66th Street, 8/9C, Lenox Hill, Manhattan 10065
Property description
Discover an exceptional upper floor duplex residence in the iconic Studio Building, a striking limestone cooperative built 1905-06 and designed in the Italian Renaissance style by renowned architec...
90 E END Avenue 16A, New York City, NY 10028
Listing Courtesy Daniela Kunen with Douglas Elliman Real Estate
Property description
Indulge in the breathtaking panoramic vistas of the East River that embrace you upon entering this opulent high-floor corner apartment. The allure begins with oversized windows and soaring ceilings...
Listing Courtesy Daniela Kunen with Douglas Elliman Real Estate
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Home valuations give you valuable knowledge that can help you plan for the future and make smart decisions. It’s good practice to stay informed about how much equity you have in your home and how much you may be able to borrow against it or sell it for.
Our tool provides a more robust, accurate assessment than you’ll get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis or an appraisal.
A home valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online home valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
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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.