Whether you’re about to enter into a search for a new home, or just want to make informed decisions about the value of the home you currently live in, you may be wondering what’s my home worth? Fortunately, there are many great home value estimator tools available to help you to determine the approximated worth of your property. Our website boasts our own home value estimator, which is a great starting point in determining your home's price. It doesn’t hurt to get a second or third opinion, however, by working with an industry professional who knows the market. Although each of the options provided below uses different methods to determine their estimates, when viewed in aggregate you can get a strong estimate of a home value in Oahu or Maui.
There are also different types of home value estimators to consider, each with their own pros and cons. Many online estimates have the benefit of being available to you free of charge so that you can access many different reports and estimates for the property in question. In-person assessments, on the other hand, carry the cost of paying a professional to carry them out, but they can also provide more accurate and actionable information due to the more thorough nature. To find a home value in Hawaii, a combination of both online and in-person estimates is often your best bet, narrowing your options with online tools before relying on a pro before the sale.
The Zillow “Zestimate”
One of the two major online home value estimate tools, Zillow is considered the more seller friendly option, as it tends to have higher estimated values for the homes listed on it. Zillow uses a secret algorithm which helps to create a “Zestimate” on the value of the home. While it is not officially known what factors are used in the estimate, it is commonly accepted that a large portion of estimates comes based on prior sales data and information on other sales around the home with similar amenities.
Other Estimates
As with Zillow, there are a slew of other online value estimators available. A simple Google search for "home value estimation" leads to over 38 MILLION results. While some may be more accurate than others, they each provide the same service, more or less: comparing similar and nearby property sales via a computer-run algorithm. Factors involved include tax records, mortgage records, and sales history, and some estimators also factor in details like neighborhood popularity or search frequency.
Creating a Good Online Estimate
If you take one thing away from this article, let it be this: Never count on an online estimate for a home valuation in Oahu or Maui. By checking out multiple different sites, you can get a very rough idea of the value of the home; but the utility of such an estimate only goes so far. If you're looking to put your home on the market, feel free to take a cursory glance at the various online estimator tools available. Just remember, your home is ultimately worth exactly what a buyer will pay for it, and that depends on the work of a professional real estate appraiser and the agent responsible for getting you top dollar for your home.
The Importance of a Home Appraisal
While online estimates are fine for sating your curiosity, when ownership is trading hands, they’re not enough. Whether you’re buying or selling, house worth must be assessed by a professional in order to get a true home value. Oahu and Maui are popular real estate destinations, but you can’t make good decisions without good information. An appraisal is carried out by an unbiased professional who has no stake in a high or low value, so you can trust that the number they come back with is as accurate as possible.
If you are applying for financing for your home, it is likely that an in-person appraisal will be required by your lending agent. When you receive a mortgage, the home serves as collateral for the loan, so it’s in the lender’s best interest to make sure that you are not borrowing more than it is worth or else the bank could be out of luck in the event of default. Your appraiser will perform a visual inspection of the entire home, inside and outside, as well as note the home’s amenities. By combining this information with data on similar sales which have occurred, they come up with the most accurate possible estimated home value a Hawaii home buyer could ask for.
In real estate, there's simply no substitute for experience. We know the market, we know what sells, and we know how to price your home to maximize your profit. If you’re in the market to buy or sell your home, please do not hesitate to contact us here at Hawaii Realty International — we’d love to help in any way we can!