A home valuation determines the current market value of a residential property. It is crucial for real estate transactions as it helps give sellers key information and confidence to establish an appropriate listing price when selling. It also sets the right expectations for buyers so that they can develop winning offer strategies. 

When we create a custom CMA report, the value of your home is calculated using a combination of factors including its location, age, size, condition, layout, property features, any improvements or renovations made, and recent sale prices of comparable homes in the area. It also factors in current market trends and local market conditions and is influenced by inventory trends, interest rates, and current buyer sentiment.

Online home valuations may provide a general estimate of your property’s worth. However, in markets like Seattle where homes are less homogeneous, they are often quite inaccurate. They may have inaccurate data about the home, may not factor in recent renovations, unique features, architectural significance, views, historical value, and subjective market perception that could impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person valuation.