Home Valuation

Why Knowing The Value Of Your Home Is Important-And Why A Zillow Zestimate Is Not An Accurate Tool.

If you’re using a Zillow Zestimate to get an accurate home valuation, you may get a skewed result, which could then affect your home’s listing price. While Zillow has historically provided relatively accurate estimates based on the year the home was built, the number of bedrooms, square footage, and other quantitative data, they’ve recently changed their algorithm. Even when Zillow was fairly accurate, it still provided only an estimate as opposed to a true valuation done by an appraiser or Comparative Market Analysis. Here’s how to get an accurate home valuation and why relying on Zillow or similar sites is usually a bad idea. Outstanding client service, experienced business practices, and ingenious marketing strategies are what make our team the most trusted team in the area.Outstanding client service, experienced business practices, and ingenious marketing strategies is what makes our team the most trusted team in the area.

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What is a Home Valuation?

A home valuation is just a fancy way of saying what the value of your home is. They are used during real estate transactions such as buy-sell or refinances to ensure homeowners or buyers are not overborrowing for a property. The home is used for collateral in a mortgage, and if the borrower defaults on his or her loan, the lender will sell the home to recoup the money lent to buy it. If the home was overvalued and they lent too much, they could lose money. The home valuation ensures they will be able to recoup costs should the mortgage not be paid in full.

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What is a Zillow Zestimate?

A Zillow Zestimate is an automated home valuation tool and is recommended as a starting point when determining the value of your home. It incorporates user-submitted and public data and takes into account home facts, location, and market conditions. Zestimates are done entirely online, and no representative of Zillow will visit your home to perform an appraisal. Banks and lenders do not use Zillow or similar services to estimate property and instead rely on the expertise of a licensed appraiser. A Zestimate can be off by nearly 5% nearly 40% of the time in some markets, which amounts to around $15,000 on a $300,000 home.

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What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

The main difference between the two is that a Zillow Zestimate is simply an algorithm. You punch in data, and a value pops out. There is no actual human involved who views your home, compares it against others on the market, and produces a detailed report. When an agent conducts a valuation, they are actively involved in the process and create a valuation that is personalized and in-depth.

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Chris and Cathy Lang

Hank is very knowledgeable about the area, extremely responsive, plugged in regarding off-market opportunities, and honest in his valuation assessments. Our transaction with Hank was seamless and we would highly recommend.
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Ryan and Amy Lane

Hank is the best realtor we have worked with. Diligent, detailed, patient and trustworthy. We had an incredible experience with him - truly the best we have worked with!
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Amy and Brian Sward

The best Realtor!! He was responsive, knowledgable, and above all - he put a human element to the entire process. He always listened to our thoughts, and used his expertise to guide us through our entire transaction. I would 10...
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James Elegante

I've bought and sold many properties and...you are by far the best real estate agent among all those I have associated with over the years. Your attention to detail was surprising and your handling of pre-closing details was mo...
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Jim and Barbara Stone

We were very pleased with the way Hank handled the marketing of our home. Not only was he professional and knowledgeable but the level of communication and attention to detail was truly exceptional. We have made a number of rea...
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Rob Alday

Hank has a vast knowledge of the market and has been great to work with on multiple real estate transactions! He has been very professional and navigated complex real estate deals.
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Bryan Anderson

Hank was very helpful/knowledgeable and really made a difference in making my first time home buying experience a positive one. Will go back for future realty needs for sure. Thanks Hank!
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Jason Parker

Hank is the perfect realtor. He combines extensive industry experience with a dedicated drive to deliver the best results for his client. In my case, he saw an opportunity in my condo listing where others didn’t and completed a...
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Susan and Howard Klein

Hank was extremely professional and very competent. He helped us sell two houses. He sets the bar very high for future interactions with realtors. We have only positive things to say about Hank.
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Michael and Ashley Xu

Hank was our realtor recently and he is fabulous. He’s attentive to detail. He’s on top of things. He is very realistic in terms of expectations. I would recommend him to anyone looking to buy or sell a home. He has an extensi...
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MichalAnn Bartlett

Growing up in Park City has helped Hank have great insight and knowledge of the local area. He was very helpful in keeping us informed on the real estate market in our area over about a 2 year time period until we were ready to...
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Kara McAlister

Hank is a top notch, professional! We had a short time to find a house from out of town and he was well organized, knowledgeable of both the area and process, and always available to answer our questions immediately. He was ext...
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Mike Sharon

I hired Hank after spending 9 months with another agent and receiving zero offers. Hank gave me five offers within 24 hours of his first morning on the job. I ended up selling the house for more than the asking price. I would g...
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How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. ​​​​​​​Here is how the two differ:

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. ​​​​​​​Here are some more situations when a home valuation may be necessary:

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