What Jo Knows: Sight Unseen Home Value Updates 🔍
The Truth About "Sight-Unseen" Property Appraisals
When it comes to property appraisals, "sight-unseen" valuations are becoming a common practice, often as a quick way to estimate a home's worth. But how accurate are they?
What Are Sight-Unseen Appraisals?
Sight-unseen appraisals or updates are estimates made without an agent or valuer physically inspecting the property. While these can be based on local knowledge, online data, and market trends, they’re essentially educated guesses. Importantly, they cannot account for any upgrades, renovations, or unique features of your property that aren't visible from public records or a street view.
What Are They Good For?
Think of these appraisals as a starting point. They provide a rough idea of what homes in your area have been selling for and give you a baseline for market comparison. However, they should not be considered a definitive measure of your property’s actual value.
When You Need Precision
If you’re planning a significant financial move—selling your home, refinancing, or tapping into equity for an investment property—you’ll need a more accurate valuation. That means:
- An In-Person Inspection: An agent or valuer walking through your property ensures every feature and update is taken into account.
- A Formal Bank Valuation: This is essential for financial transactions like refinancing or equity release.
- Virtual Walkthroughs: If an in-person visit isn’t possible, a video call via Zoom or FaceTime can provide a more accurate perspective than an estimate alone.
Final Thoughts
While sight-unseen appraisals can be a fun way to get a quick snapshot of your home’s value, they’re not a substitute for a professional valuation. For real accuracy and market insight, nothing beats a detailed inspection—whether in person or virtually.
This blog post aims to inform homeowners about the limitations and appropriate use of sight-unseen appraisals. For tailored advice or professional valuation services, consider consulting with a trusted local agent 👉🏼 CONTACT ME HERE