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Home valuations give you valuable knowledge that can help you plan for the future and make smart decisions. It’s good practice to stay informed about how much equity you have in your home and how much you may be able to borrow against it or sell it for.
Our tool provides a more robust, accurate assessment than you’ll get from the major real estate portals. For the most precise valuation, reach out to discuss a customized Comparative Market Analysis or an appraisal.
A home valuation determines the current market value of a residential property. It is crucial for real estate transactions, preventing excessive borrowing and financial losses. When getting a mortgage, the home acts as collateral. If the borrower defaults, the lender may sell the property to recover funds. A thorough home valuation safeguards the lender's ability to recover costs if the mortgage is not fully repaid.
The value of your home is calculated using a combination of factors including its location, age, size, condition, any improvements or renovations made, and recent sale prices of comparable homes in the neighborhood. It also factors in current market trends and local market conditions. The valuation tool is dynamic and can be influenced by data such as inventory trends, interest rates, and current buyer sentiment.
Online home valuations provide a good starting point and offer a general estimate of your property’s worth. However, they may not factor in recent renovations, unique features, historical value, architectural significance, and subjective market perception that could impact your home’s actual market value. For the most accurate assessment, consider scheduling an in-person appraisal.
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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.
How to Buy a New Home Before Selling Your Current One
Many homeowners assume they must sell their current home before buying the next one. While that’s often the simplest route, it’s not the only option. In the right situation, buying first can reduce stress, prevent rushed decisions, and give you stronger negotiating power. Two common strategies make this possible: renting out your current home or using a bridge loan.
If your existing home can reasonably be rented, this approach may allow you to buy without selling at all.
Lenders can sometimes count a portion of the expected rental income toward your qualification for the new mortgage. This helps offset your existing housing payment and may allow you to carry both properties. In addition, renting out the home gives you flexibility—you can sell later, once you’ve moved and are no longer under pressure.
This option works best when:
Your current home is in a strong rental market
You have enough equity and cash reserves
You’re comfortable being a landlord, at least short term
A lender will review your debt-to-income ratio carefully, and some loan programs require a signed lease or rental analysis before crediting income.
A bridge loan is a short-term loan that allows you to tap into the equity of your current home to fund the down payment (or even the full purchase) of your next home—before selling.
Once your old home sells, the bridge loan is paid off. This option is commonly used when:
You need your equity for the down payment
You want to make a non-contingent offer
You expect your current home to sell quickly
Bridge loans typically come with higher interest rates and fees, but for many buyers, the trade-off is worth it to secure the right home without timing pressure.
A Trade-In Mortgage is available from select lenders partner with specialized providers to offer a guaranteed purchase of your current home if it hasn't sold by your new home's closing date. This allows you to make a non-contingent offer on your next house.
Buying before selling isn’t one-size-fits-all. The best strategy depends on your equity, income, risk tolerance, and the local market. A strong lender and an experienced buyer’s agent can help you compare scenarios, run numbers, and avoid unnecessary risk.
When done thoughtfully, buying first can give you control, flexibility, and peace of mind—without forcing you into a rushed sale or temporary housing.
1133 Minnesota Avenue San Jose, CA 95125
1133 Minnesota Avenue San Jose, CA 95125