Home Value

If you’re using a Zillow Zestimate to get an accurate home valuation, you may get a skewed result, which could then affect your home’s listing price. While Zillow has historically provided relatively accurate estimates based on the year the home was built, the number of bedrooms, square footage, and other quantitative data, they’ve recently changed their algorithm. Even when Zillow was fairly accurate, it still provided only an estimate as opposed to a true valuation done by an appraiser or Comparative Market Analysis. Here’s how to get an accurate home valuation and why relying on Zillow or similar sites is usually a bad idea. Outstanding client service, experienced business practices, and ingenious marketing strategies are what make our team the most trusted team in the area.Outstanding client service, experienced business practices, and ingenious marketing strategies is what makes our team the most trusted team in the area.

What is a Home Valuation?

A home valuation is just a fancy way of saying what the value of your home is. They are used during real estate transactions such as buy-sell or refinances to ensure homeowners or buyers are not overborrowing for a property. The home is used for collateral in a mortgage, and if the borrower defaults on his or her loan, the lender will sell the home to recoup the money lent to buy it. If the home was overvalued and they lent too much, they could lose money. The home valuation ensures they will be able to recoup costs should the mortgage not be paid in full.

What is a Zillow Zestimate?

A Zillow Zestimate is an automated home valuation tool and is recommended as a starting point when determining the value of your home. It incorporates user-submitted and public data and takes into account home facts, location, and market conditions. Zestimates are done entirely online, and no representative of Zillow will visit your home to perform an appraisal. Banks and lenders do not use Zillow or similar services to estimate property and instead rely on the expertise of a licensed appraiser. A Zestimate can be off by nearly 5% nearly 40% of the time in some markets, which amounts to around $15,000 on a $300,000 home.

What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

The main difference between the two is that a Zillow Zestimate is simply an algorithm. You punch in data, and a value pops out. There is no actual human involved who views your home, compares it against others on the market, and produces a detailed report. When an agent conducts a valuation, they are actively involved in the process and create a valuation that is personalized and in-depth.

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The entire team at Zander Realty Group is a class act -specifically my agent, Natasha Smith-Durand. She stood by me from start to finish, early mornings to late nights, and always had my best interests at heart. They made my fi...

Lyneka HR.

Valencia is truly an amazing realtor. She went above and beyond to ensure we were able to secure our dream home. She listened to all of our wants for a new home, and she delivered. With the market being so crazy, it was crucial...

Kevin V.

Randall was incredible, identified my needs, and was efficient throughout the whole process. The home-buying procedure can be overwhelming at times, but Randall’s demeanor and expertise made the process easy. Thanks again.

Will F.

Kyle was able to help my family close on our first home during the COVID-19 pandemic. We appreciated Kyle's 24/7 around-the-clock schedule and willingness to always answer our calls throughout the home closing process. We would...

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Maiyah was responsive and always jumped on a call to talk me through everything. She worked quickly to get showings lined up for me and put offers in. I started this process in July and just closed on my first home. I am gratef...

Doralba Lynch

Maiyah is the best! She is a great person and a great agent. She helped us acquire an amazing property and made sure everything stayed on track with a very tight timeline. We will definitely be working with her again in the fut...

Erik Cortez

She was very nice and my mother loved her and that was important to me and she genuinely cared about putting my mom in the right house I enjoyed every minute of working with her

Eva Guo

I can’t express how much gratitude I have for Maiyah in words. She has been so patient with me in the year+ I’ve been looking to purchase a home. I’m such a picky person but she never made me feel bad about it. When we finally ...

Janice Sinkler

Maiyah, you are so good at your job. We appreciated your attention to detail which is only one of your strong suits. Thank you for your patience throughout the process. We look forward to working with you again!

Taylor Sinkler

Maiyah is a superstar in the real estate field! ⭐️⭐️⭐️ We had the pleasure of working with her to find our dream home🏡 Not only was she reliable and communicative, but she made a super difficult process simple and exciting! Cl...

Samantha Tripp, Esq.

Maiyah is fantastic to work with! She always provides constant communication that helps our office in drafting agreements and other documents that are important to the transaction. She checks in and is a true advocate for her c...

Clifton Veridieu

Maiyah is an outstanding agent—always patient, incredibly professional, and a true pleasure to work with. She made the process smooth and stress-free, and I truly appreciate her dedication. Looking forward to teaming up again o...

David Cutler

Working with Maiyah was a delight! The communication was clear, quick, etc... She went well above and beyond a handful of times to help her client and I couldn't commend her get-it-done attitude more. Amazing work ethic and I h...

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How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. Here is how the two differ:

Comparative 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.
Comparative 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.

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. Here are some more 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 Lines of 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.

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Home Valuation

What is a Home Valuation?

What is a Zillow Zestimate?

What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

My Testimonials

Angelique Ealy

Ernst T.

Jameson S.

Yvenel A.

Aaliyah D.

Darian W.

Jean J.

Michael M.

Lyneka HR.

Kevin V.

Will F.

Vicmarys Brito

Doralba Lynch

Erik Cortez

Eva Guo

Janice Sinkler

Taylor Sinkler

S

Samantha Tripp, Esq.

C

Clifton Veridieu

D

David Cutler

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How much is your Santa Monica home worth?

How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. ​​​​​​​Here is how the two differ:

Comparative Market Analysis.

Comparative Market Analysis.

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. ​​​​​​​Here are some more situations when a home valuation may be necessary:

Refinancing.

Home Improvements.

Qualifying for Lines of Credit.

Planning.

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There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. Here is how the two differ:

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. Here are some more situations when a home valuation may be necessary: