Order a Complimentary Home Valuation
Geoff Schiering and the San Diego Realty Pros offer complimentary home valuations. Our complimentary home valuations are even better than appraisals that cost $400 to $500.
We will prepare a Comparative Market Analysis (CMA) for your property. The comparable sales or "comps" include the same properties that used by appraisers. The big difference is that our Realtors have actually been inside most of the homes. Appraisers don't tour properties for sale. Instead they look at old real estate listings that have already sold and try to determine future values. Our Realtors have seen inside the properties themselves, and use up-to-date market knowledge to calculate current home values.
How Are Home Values Appraised?
Appraisals look at past sales and calculate average prices from old data. In contrast, our Realtors create Comparative Market Analyses to estimate current home values. The CMA's include past sales and also homes that are currently for sale. Even more, we consider the homes which failed to sell because their list prices were too high. We consider a much wider range of factors than appraisers consider when determining home values. Our goal is to help our clients establish a price range that will allow their properties to sell in the current market.
The process for creating a good CMA that accurately estimates home values:
- Compare quality comparable sales. These are homes that are similar in size and features, within a short distance from the subject property. Some neighborhoods have high turnover of similar homes. Other neighborhoods have relatively few sales, or custom-built homes, which require larger geographic areas to compare recent sales.
- Compare homes that are currently for sale. Don't just look at past sales to determine future values. Home buyers look at the inventory of homes currently for sale to decide how much to pay for a particular home. They compare list prices along with property features in order to decide which homes are the best value. A good real estate appraisal would do the same.
- Compare homes that are currently "Pending" (in Escrow). These are homes that successfully attracted an offer. The "Sold"price is not known until after the buyers inspect the property and the escrow process is complete. The escrow process usually takes about 30 days. However, the fact that a buyer and seller agreed to a sale price makes Pending Sales quite relevant to home valuations.
- Compare homes that recently failed to sell. These are both "Expired" and "Cancelled" listings. Most of the time properties fail to sell for one reason. Price. If a house is priced correctly it will sell.
- Using the Sold Homes, Active For-Sale Homes, Pending Sales, and Cancelled/Expired Listings, we compute the likely home value of the subject property. The likely value is adjusted either up or down based on differences in size, location, condition, neighborhood amenities and the like.
Ultimately the market determines home values in San Diego. When a willing buyer and a willing seller come to terms, the market value is established. Until then, establishing property value is just a prediction. But we've become very good at making predictions over the years. When you are looking for a free San Diego real estate appraisal, ask us for a complimentary home valuation. We'll bring you the market knowledge that you need to get an accurate feel for the value of your home. Call The San Diego Realty Pros at 619-200-7612,