Buying Your Home - Appraisals & Market Value
What's a house worth?
A home ultimately is worth what
someone will pay for it. Everything else is an estimate of value.
To determine a
property's value, most people turn to either an appraisal or a comparative
market analysis. An appraisal is a certified appraiser's estimate of the value
of a home at a given point in time. Appraisers consider square footage,
construction quality, design, floor plan, neighborhood and availability of
transportation, shopping and schools. Appraisers also take lot size, topography,
view and landscaping into account. Most appraisals cost about $350.
comparative market analysis is a real estate broker's or agent's informal
estimate of a home's market value, based on sales of comparable homes in a
neighborhood. Most agents will give you a comparative market analysis for free.
What is the difference between list price, sale price and
The list price is a seller's advertised price, a figure
that usually is only a rough estimate of what the seller wants to get. Sellers
can price high, low or close to what they hope to get. To judge whether the list
price is a fair one, be sure to consult comparable sale prices in the area.
sale price is the amount of money you as a buyer would pay for a property.
appraisal value is a certified appraiser's estimate of the worth of a property,
and is based on comparable sales, the condition of the property and numerous
What is the difference between market value and appraised
The appraised value of a house is a certified appraiser's opinion
of the worth of a home at a given point in time. Lenders require appraisals as
part of the loan application process; fees range from $300 to $400.
value is what price the house will bring at a given point in time. A comparative
market analysis is an informal estimate of market value, based on sales of
comparable properties, performed by a real estate agent.
appraisal or a comparative market analysis is the most accurate way to determine
what your home is worth.