“What’s my home worth?” is the question I get most. The honest answer: it’s worth what a ready, willing and able buyer will pay for it in today’s market. The good news is that you can estimate that number pretty closely, if you use the right inputs.
Three different numbers, three different jobs
1. The Property Appraiser’s market value. The Miami-Dade County Property Appraiser sets a “just” or market value every year for property taxes, using mass-appraisal models across hundreds of thousands of properties. It doesn’t walk through your home. It’s useful for checking your recorded square footage, lot size and sale history, but it isn’t a sale price.
Your assessed value is different again. If your home is your homestead, Florida’s Save Our Homes rule limits how much the assessed value can rise each year (Fla. Stat. 193.155), so it may be far below market. That’s a tax benefit, not a sign your home is worth less.
2. Online estimates. Automated valuation models use public records and recent sales. They’re a reasonable starting point in neighborhoods full of similar homes, and much weaker where homes are unique: waterfront, big lots, renovated properties, or condo buildings where one building’s special assessment can change values overnight.
3. A comparative market analysis (CMA) or appraisal. A CMA from an agent who knows the area, or an appraisal from a licensed appraiser, looks at the specific sales most like your home and adjusts for differences. This is the number to plan around.
How I build a home value
- Find true comparables. Recent closed sales, as close in time and distance as possible, of homes that a buyer would actually consider instead of yours.
- Adjust for differences: size, bedrooms and baths, lot, pool, garage, view and water access, floor level for condos, and condition.
- Check the active competition. What’s listed now, and what’s gone under contract, tells us where the market is heading.
- Look at the trend. Are prices and days on market rising or falling in your neighborhood?
- Give a range, not a single magic number, with a recommended list price and the reasoning behind it.
What moves value most in Miami-Dade
- Location within the neighborhood. Side of the main road, distance to the water, noise from traffic or the train.
- Water. Ocean, bay, canal or lake; for boaters, ocean access, bridges and dock depth.
- Condition and updates. Roof age, impact windows, A/C, kitchen and baths. In South Florida, roof age and windows also affect a buyer’s insurance cost.
- Flood zone and elevation, because buyers price in insurance.
- For condos: the building. Monthly fees, reserves, special assessments, milestone inspection status, rental rules and amenities. Two identical units in different buildings can sell for very different prices.
Why condos are different now
Florida’s condo safety laws require milestone structural inspections for buildings three stories or taller once they reach 30 years old (and every 10 years after) (Fla. Stat. 553.899), plus reserve studies for key structural items. Sellers must give buyers the inspection summary and the latest reserve study (Fla. Stat. 718.503). A building with a big pending assessment or underfunded reserves will often see lower prices and fewer financing options until it’s resolved. Any honest valuation has to account for that.
Common pricing mistakes
- Pricing from what you need (your payoff, your next purchase) instead of what the market will pay
- Pricing from your renovation cost. Buyers pay for value, not receipts.
- Using asking prices as comps. Only sales count.
- “Leaving room to negotiate” with a high list price. Overpriced homes get fewer showings, sit longer, and often sell for less after price cuts. I explain more in my listing expired, now what?
Check your records first
Before you get a valuation, look up your property on the Miami-Dade Property Appraiser’s website and make sure the square footage, bedroom and bathroom count, and lot size are right. Mistakes happen, and buyers and appraisers will see the same records.
Get a real number, free
I’ll prepare a comparable-based home value for you, show you the sales I used and why, and give you an estimated net after costs. It’s a broker opinion of value, not an appraisal, and there’s no obligation to list. Request your free home value or use the chat below.
Frequently asked questions
How accurate are online home value estimates in Miami?
They're a starting point. They work best where many similar homes sell often, and are weakest for waterfront, renovated or unique homes and for condos, where building fees, reserves and assessments matter. A comparable-based analysis from a local agent or an appraisal is more reliable.
Why is my Property Appraiser value different from what my home would sell for?
The Property Appraiser's market value is a mass-appraisal figure for taxes, and a homestead's assessed value is capped by Save Our Homes (Fla. Stat. 193.155). Neither one is a sale price.
Is a home value from an agent the same as an appraisal?
No. An agent's comparative market analysis is a broker opinion of value based on comparable sales. An appraisal is done by a licensed appraiser, usually for a lender.
Sources
- Miami-Dade County Property Appraiser
- Fla. Stat. 193.155 (Save Our Homes cap and portability)
- Miami-Dade Tax Collector (property tax bills)
- Fla. Stat. 553.899 (condo milestone inspections)
- Fla. Stat. 718.503 (condo resale disclosure)
This guide is general information, not legal or tax advice. Laws and fees change; check the sources above and talk to your attorney or CPA about your situation.