Buying Your Home - Appraisals & Market Value
What is the return on new versus previously owned homes?
into a new-home community may seem riskier than purchasing a house in an
established neighborhood, but any increase in home value depends upon the same
factors: quality of the neighborhood, growth in the local housing market and the
state of the overall economy. One survey by the National Association of
Realtors shows that resale homes do have an edge over new homes.Right Now we are seeing areas of great wealth being made.
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 $500. 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. HARP will give you a comparative market analysis for free.
You should not do your own cost comparisons. .Call someone who knows real estate. Its not just looking up recent sales of comparable
properties in public records. These records are available at local recorder or
assessor offices,This data must be interpreted by someone with years of experience.
What standards do appraisers use to estimate
Appraisers use several factors when estimating a home's value,
including the home's size and square footage, the condition of the home and
neighborhood, comparable local sales, any pertinent historical information,
sales performance and indices that forecast future value.
(you cannot shop an appraisal that comes backs low.) It's 2 late, Current Laws prevent that, (you need to know this) Once a appraisal has been done, It's done
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. My Web sites and
searches 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
YOU CANNOT TRUST INTERNET SITES TO GET EVEN CLOSE TO WHAT YOUR PROPERTY IS WORTH IN GA,
What is the difference between list price, sales 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 should not expect to price over market in the MLS., We do not price on what you 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.(Call US TO HELP YOU)
What are the standard ways of finding out how much a
home is worth?
A comparative market analysis and an appraisal are the
standard methods for determining a home's value. OUR real estate company will be
happy to provide a comparative market analysis, an informal estimate of value
based on comparable sales in the neighborhood. Be sure you get listing prices of
current homes on the market as well as those that have sold. .
How do you determine the value of a troubled
Buyers considering a foreclosure property should obtain as much
information as possible from your broker, including the range of bids expected.
It also is important to examine the property. If you are unable to get into a
foreclosure property, check with us about the property's
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 $500 to $600. 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 us. Either an
appraisal or a comparative market analysis is the most accurate way to determine
what your home is worth.