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You
have several ways to determine the value of a home.
An appraisal is a professional estimate of a property's
market value, based on recent sales of comparable properties, location, square
footage and construction quality. This service varies in cost depending on the
price of the home. On average, an appraisal costs about $300 for a $250,000
house.
A comparative market analysis is an informal estimate of
market value performed by a real estate agent based on similar sales and
property attributes. Most agents offer free analyses in the hopes of winning
your business.
You also can get a comparable sales report for a fee from
private companies that specialize in real estate data. You also can find
comparable sales information available on various real estate Internet sites.
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Appraised value 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 $200 to $300.
Market 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 or broker. |
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A
home 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
amenities, energy efficiency, the quality of the of the value of a home at a
given point in time. To make their determination, 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.
A comparative market analysis is an informal estimate of
market value, based on comparable sales in the neighborhood, performed by a
real estate agent or broker. 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's or assessor's offices, through private companies
or on the Internet.
Other resources include:
* The Home Sales Line allows people to use their
telephones to find the exact selling price of houses anywhere in the state 24
hours a day. Call 1-800-585-HOME.
* Dataquick Information Systems tracks
home sales statewide and prepares reports for specific properties. Call
1-800-999-0152.
* Go to Web sites such as http://www.homeshark.com and
http://www.dataquick.com. |
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Appraisers use several factors when estimating value
including historical records, property performance, condition of the home and
indices that forecast future value. For detailed information on appraisal
standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400,
Chicago, IL 60611-1980; (312) 335-4458. |
