FAQs and Support
Home Valuation: How to Determine Your Home's Worth
Accurately pricing a home is both art and science. There are many ways to estimate value, but some are far more reliable than others especially in our local Illinois/618 market where neighborhoods can vary dramatically.
Here are the most common methods, ranked from least to most accurate for setting a realistic sale price:
- Price per Square Foot (Raw) Simply dividing recent sale prices by square footage. Quick, but ignores condition, updates, lot size, location, and layout.
- Area Average Price per Square Foot Using the average $/sq ft for your city or ZIP code. Better than raw, but still overlooks individual home differences.
- Tax Assessment County assessed value for property taxes. Often lags the market and is not designed to reflect current sale value.
- Rebuild/Replacement Cost Insurance estimate of what it would cost to rebuild the home. Useful for insurance, but not market value.
- Licensed Appraisal Professional opinion required by lenders. Very accurate at a point in time, but costly ($400–$600) and typically ordered after an offer.
- Online/Automated Valuations (AVMs) Tools like Zestimate, Homebot, or similar algorithms. Great starting point and free, but limited by public data and often off by 5–20% in our area.
- Comparables (“Comps”) by a Real Estate Professional The gold standard. A local agent reviews recent, similar sold homes, adjusts for differences, and considers current market trends.
- Hybrid Approach (Recommended) Start with an online automated valuation for an instant estimate, then have an experienced local agent visit the home, review comps, and provide a personalized pricing strategy.
My Recommended Process
I like the hybrid approach to give you the most accurate picture. Once I have taken a look at your home and updated homebot to my professional opinion, the online tools tend to track the ups and downs well based on other sales:
- Get your free online valuation – Use our Homebot tool for an instant automated estimate with ongoing market updates sent to your email.
- Schedule a no-obligation visit – I will come by, tour your home, discuss recent comparable sales, and explain current market conditions.
- Receive a professional pricing opinion – You’ll get a detailed range and recommended list price based on real local data—no pressure, just information.
There’s never any cost or commitment for the valuation consultation.
Ready to find out what your home is worth today? Start with Homebot or Give me ring.
"In a digital age of shares and likes,
you need a Realtor LIKE George Sykes"
George Sykes
Managing Broker, Worth Clark Realty
618-531-4000
