how much is my home worth
How do Sacramento appraisals work? Appraisals are something that is always interesting to talk about. This excerpt below was provided from a blog, which Elizabeth wrote some years back. It got me to thinking about the various appraisal challenges we have had. A great subject to write about today for our blog.
One of the actions we take to assist with the appraisal process is to provide the comparable sales that support our list price. When our listings go pending we change showing instructions to not reflect a lockbox. This ensures the appraiser calls us to get in so they can’t enter without us. As if they can get in and out they may leave with very little information and then a low appraisal. Additionally, we provide the appraiser all the upgrades and features that support our list price. Many appraisers want to bring the value in however, without the added information we provide the appraisal can come in below the sales price. What does a low appraisal mean to a seller? A topic for another blog, the impacts of a low appraisal in escrow.
— JaCi Wallace
“People think Sacramento appraisals are etched in stone, but that kind of thinking is flawed. Appraisals represent an opinion of value. Get 10 appraisers together in a room, and you’ll have 10 opinions of value, and some of them will undoubtedly be worthless. But that doesn’t stop people from thinking their home in Sacramento is worth a certain value because the appraiser said so or the agent said so.
Market value is that price, at which a seller is willing to sell and an able buyer is willing to buy. It’s when you throw a lender into the mix that appraisals come into play. This is a reason sellers tend to prefer cash buyers. When you throw an appraiser into the transaction, it’s not unusual for market value to vanish — poof! The appraisal is for the lender, to protect the lender’s security; it’s not for the buyer, even though the buyer pays for it.
So, how do Sacramento appraisals work? When you hire full-service Realtors to list your property, we work with the appraiser to do whatever we can to reduce appraisal value issues. To ensure your appraiser is provided all information available, call Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.
If you’re wondering how much is my home worth in Sacramento, prepare to be shocked. Could you use an extra $200,000 of equity right now? All the market reports in the world won’t prepare you for the actual value of your own home until you talk with a seasoned Sacramento Realtor. Even Zillow won’t give you a solid number, as the estimates on Zillow are only that, an estimate and, there is no actual website available online that will give you all of the information you seek. Realtors pull data from a number of sources, and we are specialists in many areas of Sacramento.
We have the missing pieces you need.
It’s no secret that during the crash years of 2005 to 2011, I worked with more short sale sellers than any other agent in the area. But then that period ended. I still handle a few short sales here and there, but for the most part, short sales in Sacramento are basically over. Today I specialize in real estate in four counties, ranging from entry-level homes to luxury homes, designing individual marketing strategies for each of my sellers, paying enormous attention to detail, which returns maximum profits to my clients. My team members show homes, and I work with sellers. It’s a winning combination!
Earlier in the week, I ran across a folder from 2012 filled with potential short sale clients who, for one reason or another, elected not to do a short sale. They were sellers who were underwater. That was four years ago. I began looking up the market values of their homes, because it seemed to me they were not underwater anymore. I was absolutely correct. Every single one of these potential sellers now have equity, some have acquired more than $200,000 of equity since that time!
Discovering How Much is My Home Worth
What a shock to examine how much is my home worth and discover it’s not what you thought. People get busy with their lives and are not aware of how much their home has gone up value. It happens even to Realtors. I know an agent who woke up one morning in Minneapolis, realized her home had tripled in value over the past 5 years, and decided it was time to grab the money and get out of that frozen tundra. You might think the same way. You might also think if you’re not planning to sell, what does it matter how much your home is worth?
It matters because if you knew that number, you might decide to sell. To change your life. To upgrade to a larger home, downsize to a smaller home or get the hell outta dodge, whatever. Call me. Call Elizabeth Weintraub at 916.233.6759, and I’ll be happy to answer the question of how much is my home worth. Could you use an extra $200,000 of equity right now?
Home sellers in Sacramento often ask me how much is my home worth when that’s not really what they want to know. They want to know how much will their home sell for, and that could be two very different numbers. On the other hand, they might want to know if they can do a short sale, in which case the answer is always, without fail: the price will be market value, based on comparable sales, providing the seller qualifies.
It’s not the sellers’ fault. Sacramento real estate can be a big confusing can o’ worms. I imagine sellers hear all kinds of crap from neighbors, coworkers, relatives and others whom, even though they might have actually sold a home or two, haven’t worked with an agent who works the way the one in front of you does.
People think it’s OK to hit up an agent for a sales price. Why do they think it? Because real estate agents have encouraged them to behave in that manner. Why else, we think, would anybody ever want to talk to us unless it’s to find out how much their home is worth — its market value? We’ll give them a free Comparative Market Analysis. Free, because it’s not worth anything.
Before I was licensed, I dismissed agents from the possibility of listing my home because they lowballed me on market value. At least that’s what I thought. Because I didn’t really understand how market value is determined. You can’t just give an agent your address and expect that person to name an accurate number. Maybe a range. Not a precise sales price.
I wouldn’t even give my next-door neighbor a sales price without completing an in-depth analysis of his features and studying the past 3 months of sales as they pertain to his home, and I live next door to him. I also sell hundreds of homes. I should know, right? Because I am a Sacramento real estate agent, I keep pretty close tabs on what my own home is worth, but I couldn’t give you an exact number on my house — even if you stuck burning toothpicks under my fingernails and sang horrible 1980’s songs out loud — without an analysis.
Agents who do might short change. I’m not one of those.