MARKET ANALYSIS
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Keenan Carey
REALTOR®
About Me
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Understanding your home’s value is a smart way to plan for the future—whether you're considering selling, refinancing, or just staying on top of your equity.
My valuation tool offers a more accurate estimate than the major real estate portals by using local market data and recent sales trends. Keep in mind, though, that no online tool can account for your home’s interior condition, upgrades, or unique features.
For the most precise value, I can follow up with a more detailed Comparative Market Analysis based on your specific property.
A home valuation is an estimate of your property’s current market value. It plays a key role in real estate transactions, helping buyers, sellers, and lenders make informed decisions.
For lenders, it helps ensure the home is worth the amount being borrowed—since the property serves as collateral for the loan. If a borrower defaults, the lender may need to sell the home to recover losses.
But for homeowners, a valuation is also a smart financial tool. It can help you understand your equity, set a competitive listing price, or explore refinance or borrowing options with confidence.
Your home’s value is determined using a combination of key factors—including location, size, age, condition, and any renovations or upgrades you've made. It also takes into account recent sales of similar homes in your area (known as comparables or “comps”).
Beyond that, the valuation tool factors in broader market dynamics like inventory levels, interest rates, and buyer demand—making it more responsive to current conditions than a basic online estimate.
Keep in mind, while this provides a strong starting point, no tool can fully capture the unique details of your home without seeing it in person.
Online home valuations are a helpful starting point—they offer a general estimate based on recent sales, market trends, and publicly available data.
However, they can’t account for everything. Unique features, recent renovations, architectural style, or even the condition of your home can significantly impact its true market value.
Think of this as your first step. For a more precise valuation, especially if you’re considering selling, I can provide a custom Comparative Market Analysis that factors in the details no algorithm can.
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Two Accurate Ways to Perform Home Valuations
MARKET ANALYSIS
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes 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 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 was identical to the home being valued were it to be sold in the current market.
APPRAISALS
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home 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 home as well as taking into consideration recent sales of similar 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
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 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 doing home improvement projects to increase the resale value, 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 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 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 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.