What’s your property worth?
For the most precise valuation, request a customized Comparative Market Analysis from a True North broker.
Know your equity.
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.
How is my home’s value calculated?
Using a combination of factors including location, age, size, condition, improvements or renovations, and recent sale prices of comparable homes in the neighborhood, along with current market trends and local market conditions.
How accurate are online valuations?
They provide a good starting point, but may not factor in recent renovations, unique features, historical value, architectural significance and subjective market perception that could affect your home’s actual market value.
Two accurate ways to value a home.
Comparative Market Analysis
A CMA evaluates similar homes that have recently sold in the same area. 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. Once the differences are priced out, each comp is adjusted to see what it would cost if it were identical to your home.
Based on a professional’s opinion
An appraisal is an unbiased valuation, usually what mortgage companies use for home purchases and refinances. A lender usually orders it, and the cost, sometimes up to $500, is paid by the homeowner. The appraiser inspects the interior and exterior and compiles a detailed report.
When a valuation may be necessary.
Refinancing
Lenders usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing your value lets them calculate your equity.
Home improvements
See how your home compares with others nearby, so improvements don’t price it out of the market.
Qualifying for credit
To qualify for a HELOC you need a certain level of equity. Most lenders require at least 20%.
Planning
Knowing your equity helps you respond to any financial curveballs that life throws at you.