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 $300. A
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.
You can do your own cost comparison by looking up recent sales of comparable
properties in public records. These records are available at local recorder or
assessor offices, through private real estate information companies or on the
Internet.
Can
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 certified
appraiser or real estate professional might in assessing the value of your
home.
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 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 sales prices in the area. The
sales price is the amount of money you as a buyer would pay for a property. The
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
other factors.
What are the standard ways of finding out how much a
home is worth?
