Name Your Price

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.

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.

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.

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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We recently had an extremely positive experience with the Joslin Team in the sale of our late father’s home in the San Elijo Hills area of San Marcos. Within a week of the estate sale the house was prepped and ready and was onl...

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Our experience with Crystal and Brenton was awesome! They are super-responsive, extremely knowledgeable and are also a really fun team to be around! Their ability to prep our home, get it to market in record time, and project...

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I could not recommend the Joslin Team more. They helped us with the entire sale process after the passing of our father. They helped with estate sale, repairs, inspections and all the details to get the property sold for over...

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"Crystal and Brenton were so great to work with! We moved from out of the area, and they showed us more houses than we could count, trying to find the one that was right for us. They were so patient and never got frustrated wi...

Mark & Travis

Crystal and Brenton are kind, patient, professional, hard working, caring and detail oriented! My partner and I are very particular, so we wanted a very specific type of home with a specific floorplan. As such, our dream home w...

Glenn R.

Awesome work by the Joslin Team to help us find a place in Carlsbad in a crazy market and close within 30 days, They are the best !

Ursula

I will recommend The Joslin Team to all my friends and family if they are in the market to purchase or sell a home or condo. They are very professional and work hard and sold our condo in Coronado that all of our sisters shared...

Mitch & Diana M.

We had a fantastic experience working with the The Joslin Team. Crystal and Brenton were extremely knowledgeable and incredibly helpful throughout the entire process of listing and selling our single-family home in Temecula. Th...

Anita Janke

Crystal and Brenton of The Joslin Team were absolutely wonderful. We sold our parents condo in Coronado and it was a very emotional time for me and my sisters. They were compassionate with our feelings and very helpful through ...

Katie & Matt B.

"We couldn’t be more pleased with our experience working with the Joslin Team! Crystal and Brenton worked with us every step of the way in selling, really listening to our needs, and making the entire process a happy and reward...

Clay & Cassi M.

"We met The Joslin Team at an open house and found Crystal and Brenton to be very resourceful and intuitive about the market we were targeting to buy in. Within a week, Crystal was representing us as buyer's agent and was impec...

Alec & Danielle L.

We just happen to come across The Joslin Team during an open house in South Park, San Diego. From our very first conversations, it was easy to see that they were knowledgeable, passionate, and ready to help us sell our condo in...

Nancy & Duke F.

"As out-of-town owners of our condo we knew we would need a lot of help in preparing our condo in the community of Rancho Carrillo in Carlsbad for sale and navigating the sales process. The Joslin Team provided that help above ...

Jason & Becky O.

"We met The Joslin Team during an open house in Clairemont, San Diego and Crystal Joslin was so kind and knowledgeable that she became our buyers' agent before we were seriously looking at purchasing our first home. Because my ...

Paul & Lisa A.

"My wife Lisa and I were both very pleased with the level of service that Crystal and her husband Brenton provided us in selling our Rancho Carrillo, Carlsbad home. They gave us great suggestions on staging our home to get it r...

Vincent & Antoinette T.

"We have worked with The Joslin Team on both ends of the real estate transaction. We first contacted Crystal to show us homes in Lake San Marcos. I was very impressed with her attention to detail in responding to my email intro...

Jessica & Lee L.

"Crystal Joslin is by far the best and the hardest working agent we ever used. She was extremely responsive and very pro-active in communicating with us, from the sale of our house in Rancho Carrillo Carlsbad to purchasing our ...

Justin & May C.

"We had a wonderful experience with The Joslin Team. We had been looking for a little over a year in a half in Rancho Carrillo Carlsbad and Crystal Joslin remained faithful to us. We decided to be open to looking in other areas...

Rick & Charlene E.

The Joslin Team is beyond reproach when it comes to integrity, honesty, and knowledge of the market. I recommended them to a relative. The purchase in the Rancho Carrillo community of Carlsbad, and the following details went ve...

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Crystal Joslin was outstanding in every way. Her knowledge of Rancho Carrillo, Carlsbad was exceptional and her assistance on various aspects during and after the close of my new home have been invaluable. She has given me reco...

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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:

Comparative 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.

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:

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 Lines of 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.

Home Valuation