MARKET ANALYSIS
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Amanda McMillan
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Understanding your home's value in the Chicago real estate market gives you valuable insights that can help you plan for the future and make informed decisions. It's crucial to stay updated on your home's equity and determine how much you can borrow against it or sell it for.
Our advanced valuation tool offers a more accurate and comprehensive assessment than major real estate portals. For the most precise Chicago property valuation, contact us to discuss a customized Comparative Market Analysis and to discuss what homes are selling for in your neighborhood
A home valuation in Chicago real estate determines the current market value of a residential property in the Chicago area. It is crucial for real estate transactions in Chicago, preventing excessive borrowing and financial losses. When obtaining a mortgage, the home serves as collateral. If the borrower defaults, the lender may sell the Chicago property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your Chicago home is calculated using a combination of factors including its location within Chicago, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also considers current market trends and local market conditions in Chicago. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment specific to the Chicago real estate market.
Online home valuations provide a good starting point and offer a general estimate of your Chicago 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 Chicago home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal with a professional familiar with the Chicago real estate market.
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Two Accurate Ways to Perform Home Valuations in Chicago Real Estate
MARKET ANALYSIS
A Comparative Market Analysis (CMA) is a crucial tool used by Chicago real estate agents to value a home accurately. It evaluates similar homes that have recently sold in the same area of Chicago. Agents find comparable sales and use them to conduct a sales comparison. Typically, an agent will identify 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 were identical to the home being valued in the current Chicago real estate market.
APPRAISALS
An appraisal is an unbiased valuation of a home based on a professional’s opinion, commonly used in Chicago real estate transactions. Mortgage companies typically require appraisals for home purchases and refinances. A lender usually orders a home appraisal, and the cost, sometimes up to $500, is paid by the homeowner. An appraiser conducts a complete visual inspection of the interior and exterior of the home and considers recent sales of similar Chicago properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
Situations When a Home Valuation May Be Necessary in Chicago
REFINANCING
Lenders base the amount of their loans on the value of your Chicago 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 undertaking home improvement projects to increase the resale value in Chicago, 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 Chicago 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 CREDIT
If you want to borrow cash against your Chicago 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 Chicago 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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Buying or selling a home is one of the largest financial decisions we make in our lives. It represents not only a place to live but also a significant part of your overall financial portfolio. Our proven track record of success sets us apart in an ever-changing and competitive marketplace. We would be honored to discuss your current situation and advise you on how we can best help you achieve your goals.
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