An automated home valuation tool, like ours, uses a sophisticated algorithm that analyzes multiple public data sources to estimate your property’s current market value. It’s a great starting point for establishing a baseline. However, keep in mind that real estate sales data can lag behind the actual market by up to six months. While a home valuation provides a helpful estimate, it’s not the same as an official bank appraisal required for a mortgage. Banks typically require a licensed appraiser to assess the property and will usually lend up to 80% of the appraised value. They are not allowed to consider the active listings being offered that you'll be competing with. 

Your home’s value is determined by several key factors, including its location, age, size, condition, and any upgrades or improvements; which is hard for an AI to really assess.

Our valuation tool takes into account recent sale prices of comparable homes in your area, along with broader market trends and local conditions, then goes further, using dynamic data like inventory levels, interest rates, and buyer sentiment to deliver a well-rounded general understanding of your property's  current value. 

It's not an exact reflection of your home's value. An online AVM provides a helpful starting point for estimating your property’s value, but they often overlook key factors like recent renovations, unique features, historical significance, or architectural design that can significantly affect your home's true market worth. For the most precise evaluation, it’s best to schedule an in-person consultation and get a detailed opinion. Peter can provide a broker’s Comparative Market Analysis (CMA), offering a deeper assessment of your home's marketability should you decide to sell today. This analysis combines data with expert insights to help set the right asking price for a more nuanced and accurate estimate.

A Comparative Market Analysis (CMA) is a vital tool Peter Comitini uses to accurately determine the optimal asking price for your home. By evaluating recently sold properties similar in size, location, and features, Peter provides a data-driven estimate of your home’s market value. Typically, he selects three or more comparable homes and conducts a detailed analysis, taking into account differences such as square footage, number of bedrooms and bathrooms, lot size, condition, and any upgrades or renovations. He then adjusts the sale prices of these comparable homes to reflect what they would likely sell for in today’s market, as if they were identical to your property. What sets Peter apart is his deep understanding of the nuances that can significantly affect your home’s value. He leverages his expertise to not only price your property accurately but also to maximize its presentation, ensuring it appeals to the right buyers and stands out in the marketplace. This attention to detail helps deliver the highest and best price possible, ensuring that your home reaches its full potential in today’s market.

No. An appraisal is an evaluation of a home's value conducted by a licensed Appraiser. The purpose of it is to protect the lender by not providing more money than the data says what its historical value is. An appraisal is required by lenders for home mortgages and refinancing. Banks will typically lend up to 80% of the appraised value.   

A Comparative Market Analysis (CMA) is prepared by a real estate professional like Peter Comitini, and has a different purpose. It uses a very similar process to determine your home's marketable value and set an asking price for it. The purpose is to make sure you're not leaving money on the table and obtain the highest price possible for your home.

The appraisal process involves an onsite visual inspection of the home’s interior and exterior. The appraiser evaluates recent sales of similar properties, current market trends, and specific details about the home such as its condition, size, and features. They will check that home alterations and improvements were properly permitted and approved by the Department of Buildings. The Appraiser compiles a report that includes a floor plan, photos of the home and block, a six-month history of comparable sales, an explanation of the square footage, and any other relevant data. An appraisal provides a conservative and objective view of the property’s value based on data that can be lagging the market by as much as six-months, as pricing that is negotiated today does not close immediately. 

If you are considering selling your home, even if you're outside our immediate service area, we're here to help. Through our international network of Corcoran affiliated offices, we can connect you with a trusted local agent in your area. Give us a call at (212) 444-7844 to discuss the details—we're committed to assisting you wherever you live, or want to live. 

If you’re planning home improvement projects to boost your home's resale value, it’s important to ensure you’re not pricing your property out of the market, or making idiosyncratic design choices that may affect your home's marketability. If your home is already at the high end of pricing for your neighborhood, making too many upgrades could make it harder to sell. By getting a valuation, you can see how your home compares with others in the area and use this information to guide your home improvement decisions.

If you’re looking to borrow cash against your home, a Home Equity Line of Credit (HELOC) could be a great option. To qualify, you generally need to have a level of equity in your home of at least 20%. Obtaining a home valuation will help you determine if you qualify and will also be used by the lender to make a decision on your loan. In the case of a NYC cooperative apartment , a HELOC must be within the Coop Board's borrowing guidelines and may be subject to their approval. 

When refinancing, lenders determine the amount of the loan based on the current value of your property, and are typically willing to lend about 80% of the home's value. Understanding your home's worth is crucial, as it enables lenders to calculate the equity you've built in the property. The more equity you possess, the better the terms you are likely to receive to refinance. Keep in mind that there are transactional costs that may be paid out of pocket to refinance a home too. 

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.

Understanding the value of your home is an important step before deciding to sell, as it helps you get a realistic view of your property’s potential in the current market. Our instant home tool can offer a quick estimate, but we're also here to meet with homeowners who are curious about their property’s worth. We advise and provide a clear understanding of your home’s value and marketability. The consultation is complimentary, with no obligation to list. We value building advisory relationships based on trust and real insights.