MARKET ANALYSIS
How much is your property worth?
- Instant property valuation
- Expert advice
- Sell for more
Loading valuation...
Enter your details to see how much your property is worth.
*Authentication failed. Please enter your details below to get your free valuation.
Schedule a free consultation with Cheryl who can help you estimate and understand your property's value.
Cheryl Ridgely
Real Estate Broker
About Me
We need more information to provide an accurate estimate for this address. Local expert Cheryl Ridgely will reach out shortly or you can schedule a consultation now.
Property 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 property and how much you may be able to borrow against it or sell it for.
Our tool provides a more robust, accurate assessment than you’ll get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis or an appraisal.
A property valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the property acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough property valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your property is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable properties in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online property valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your property’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
Find Your Ideal Property
Two Accurate Ways to Perform Property Valuations
MARKET ANALYSIS
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a property. It evaluates similar properties 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 properties that have recently sold and are as similar to and located as close to the property being valued as possible. Each one is then analyzed to pinpoint differences between it and the property 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 property being valued were it to be sold in the current market.
APPRAISALS
An appraisal is an unbiased valuation of a property based on a professional’s opinion. They are usually what mortgage companies use for property purchases and refinances. A lender usually orders a property appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the property as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the property, including an exterior building sketch, a street map showing the property and any comparable sales, photos of the property and street, an explanation of how the square footage was calculated, and any other relevant information.
Situations When a Property 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 property is worth allows lenders to calculate your equity in the property. The more equity you have, the better terms you will receive on your refinance.
PROPERTY IMPROVEMENTS
If you’re doing property improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your property 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 property compares with others in the neighborhood and let this guide your property improvement decisions.
QUALIFYING FOR CREDIT
If you want to borrow cash against your property, 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 property. Most lenders require at least 20%. Getting a property 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 property 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 property 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.
Cheryl leads with passion and professionalism and specializes in second homes, vacation rentals, investment, commercial, and development properties. If you’re looking for local market knowledge and insight, connect with Cheryl as a trusted resource.
CHERYL RIDGELY
1805 W Dickerson St Bozeman, MT 59715