Various online resources can provide a quick estimate of your home’s potential value, but there is no substitute for the expertise of a professional. Seek a dependable valuation to accurately assess your property’s true worth so you aren’t caught off guard when your appraisal comes in.
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Competitive Market Analysis
The first step to selling your Libertyville area home is to get a skilled local Real Estate professional such as David Harney to provide you with a CMA or Comparative Market Analysis.
Why automated Valuation Fall Short
Have you ever questioned why most online platforms that offer an “instant home valuation,” such as Zillow or Trulia, often yield estimates that are typically underestimated by 20% to 40%? The fundamental explanation lies in the limitation of computer-based assessments of property values, which primarily rely on tax data—a lagging indicator. This data is frequently incomplete and prone to inaccuracies.
Over the past few years, the real estate market has experienced significant price escalations. However, a lagging indicator invariably results in undervaluation of a property. Why does this happen? These reports rely on tax records, which do not reflect the most up-to-date information. When a home is sold, it can take up to nine months for the sale to be incorporated into the tax data. Moreover, tax records may not always accurately capture all the essential details such as the actual number of bedrooms, bathrooms, square footage, or the current condition of the property.
The David Harney Valuation Advantage
The true depth of knowledge and comprehension found in a CMA (Comparative Market Analysis) predominantly arises from the wealth of experience and expertise possessed by a local real estate professional. Online valuations, on the other hand, tend to be exclusively quantitative, focusing solely on numerical data. What sets a CMA prepared by David Harney apart is that his analysis encompasses both quantitative aspects, utilizing more up-to-date sales data than tax records, and, more significantly, a qualitative component.