As a Chicago area homeowner, it pays to be informed about the market value of your home. You might be saying, “No worries! I can look up my home value online.” While there are a number of online home value websites out there, they can only offer a rough estimate. Zillow is infamous for supplying optimistic home value estimates that are wildly inaccurate. It’s one reason why their automated home buying and reselling business lost $881 million in 2021. But we’re not just picking on Zillow. Until online valuation tools can account for your home condition, layout, amenities, and the appeal of its location, none of them are going to be reliable.
Your property tax assessment value rarely matches your current home value, because Cook County tax assessments are performed only once every three years. In Lake County, it’s once every four years. Your home value changes much faster than your property tax assessments, which are always playing catch-up to the market.
Your home insurance policy will include a replacement cost value for your home, but this value is updated infrequently, about once a year or so. The replacement cost estimate is not necessarily the current market value. It can cost more to rebuild a home, given today’s prices on materials and labor, than to buy it standing as-is.
You could get a formal property appraisal, written by a professional appraiser. The appraiser would come to your home, look it over inside and out, and write up a value estimate based on comparisons to recent, like-kind sales. But, it’s going to cost you anywhere from $350 to $500. Even then, appraisals aren’t infallible – much depends on how familiar the appraiser is with your neighborhood, and what comparable properties they selected. (This is why “low appraisals” can happen in the middle of a home purchase.) It’s best to leave appraisals for situations that require them.
Fortunately, you can turn to StartingPoint Realty for a market value estimate, at no charge! We put careful consideration into the estimates we provide, and we show you how we arrive at the numbers. Also, since we are in the trenches every day with our clients, we know what motivates buyers to make an offer. If you are thinking of selling this year, or you’re just curious about your home value, give us a call!
StartingPoint Realty – serving and educating Chicago home buyers and sellers!
StartingPoint Realty proudly serves home buyers throughout Chicagoland. First-time buyers, don’t miss our free home buying webinar! We can also refer you to top mortgage lenders in Chicago and the suburbs!
If you’re thinking about selling your home, we’ve got good news – our home seller seminars are launching in August 2022! Meanwhile, you can always reach out to us for your home’s market value, and for any questions you might have.
Always feel welcome to contact us with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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