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. The calculation also takes into account recent sale prices of comparable homes in your area, along with broader market trends and local conditions. Our valuation tool goes further, using dynamic data like inventory levels, interest rates, and buyer sentiment to deliver a more up-to-date estimate. This ensures that you get a well-rounded general understanding of your property's worth in the current market.

Online home valuations provide 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 for a detailed opinion. Peter can provide a broker’s Comparative Market Analysis (CMA), offering a deeper assessment of your home's marketability. This analysis combines data with expert insights to help set the right asking price, blending both art and science for a more accurate outcome.

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.

An appraisal is a professional, unbiased evaluation of a home's market value, conducted by a licensed appraiser. Unlike a Comparative Market Analysis (CMA), which is prepared by a real estate professional like Peter Comitini to help set an asking price, an appraisal is primarily required by lenders during home purchases or refinances. The purpose of the appraisal is to ensure that the lender is not providing more money than the property is worth, protecting both the lender and the buyer. The lender usually orders the appraisal, and the homeowner typically pays for it.

The appraisal process involves a detailed 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. After the inspection, the appraiser compiles a comprehensive report that includes a building sketch, photos of the home and surrounding area, a map showing comparable sales, an explanation of the square footage, and any other relevant datd. This report provides an objective, professional valuation, which is crucial for determining the property’s true market value. While both CMAs and appraisals consider comparable sales and market conditions, an appraisal is a formal assessment required for financing, whereas a CMA offers a more flexible approach tailored to maximizing your home’s marketability for sale.

Even if you're outside our immediate service area, we're here to help. Through our extensive network of Corcoran affiliate offices and associated companies like Coldwell Banker, 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 are.