Buying Your Home - Market Value
What Is A House Worth?
A home ultimately is worth what a ready, willing and able person will pay for it. Everything else is an estimate of value. To determine a
property's value, you should get a Comparative Market Analysis (CMA) from The Real Estate Team. A Comparative Market Analysis is one of the methods used for determining a home's value. The Analysis considers building and lot square footage, construction quality, floor plan design and functionality, location and view, neighborhood and availability of transportation, shopping and schools. In addition, properties that are currently For Sale, Pending Sale, Sold and Expired Listings are reviewed and considered.
Another method to determine value is to hire a certified appraiser at a cost of approximately $500. An appraisal is a certified appraiser's estimate of the value
of a home at a given point in time.
I Find Out The Value Of My Home Through The Internet?
You can get some
idea of your home's value by searching the Internet. A number of Web sites and
services crunch the numbers from historic public records of home sales to
produce the statistics. Some services offer an actual estimate of value based on
acceptable software appraisal standards. They also depend on historic home sales
records to calculate the estimate. Neither of these services produce official
appraisals. They also don't factor in market nuances or other issues a real estate professional might in assessing the value of the
What Is The Difference Between List Price, Sales Price And Appraised Value?
The list price is a seller's advertised price, a figure
that usually is an estimate of what the seller will accept to sell the property. Sellers may
price high, low or close to what they hope to receive for the property. To determine whether the list
price is at market value, consult comparable sales prices in the area.
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time.
How Do You Determine The Value Of A Troubled Property?
Buyers considering a foreclosure property should obtain as much
information as possible from the lender and title company including liens on the property and the range of bids expected.
It is important to thoroughly examine the property. Be aware that most foreclosed properties have deferred maintenance and excessive damage. The Real Estate Team is able to assist with obtaining this information.