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Greenwich is one of the most upscale and private towns in Connecticut. Set along Connecticut’s stunning Gold Coast, Greenwich is filled with wealth and dedicated luxury. It is known for stunning, expensive homes from sprawling colonials to breathtaking contemporaries. With beautiful rolling hills, green pastures, beaches and ocean views, Greenwich simply has it all.
Greenwich is filled with options for high-end dining and shopping, as well as lots of exciting events that bring the community together. Holiday celebrations and summer festivals are just a few of the options that residents can enjoy with amazing food, drinks, and music.
Greenwich is one of the most upscale and private towns in Connecticut. Set along Connecticut’s stunning Gold Coast, Greenwich is filled with wealth and dedicated luxury. It is known for stunning, expensive homes from sprawling colonials to breathtaking contemporaries. With beautiful rolling hills, green pastures, beaches and ocean views, Greenwich simply has it all.
Greenwich is the premier neighborhood in Connecticut. Residents enjoy easy access to the beauty and history of Connecticut’s most beautiful beaches, as well as lush parks, golf clubs, and more. Greenwich Avenue is the centerpiece of the shopping scene and is also known as the Rodeo Drive of the East.
Greenwich has a plethora of options for dining and shopping. Richards is a luxury fashion department store with upscale options for both men and women offering the finest clothing, shoes, and accessories. Offering a personalized touch makes the shopping experience at Richards unlike any other.
Greenwich is served by Greenwich Public Schools and many highly rated private options.
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There are two accurate ways to perform home valuations:
with a Comparative Market Analysis and an appraisal.
Here is how the two differ:
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.
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.
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:
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.
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.
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
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.
With several decades of combined experience in real estate, the The Tri-Star Team at Corcoran Centric Realty was founded in 2019 to provide superior service to its clientele. Contact us now to schedule a showing.