Appraisals & Market Value
How is a home's value determined?

There are several ways to determine the value of your real estate.

An appraisal is a professional estimate of a real estate property's market value. The factors that determine the appraisal of a real estate property include recent sales of similar properties, the location, square footage, and the property’s condition and amenities. This service varies in cost depending on the price of the home. The cost of this service varies depending on the price of your home.

A comparative market analysis is an informal estimate of market value that your real estate agent will provide to you. This service is complementary at Awaye Realty. Like an appraisal, it is based on recent sales of comparable real estate properties and the attributes of your property.

What is the difference between market value and appraised value?

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 $200 to $300. Market value is the price the house will bring at a given point in time. Either an appraisal or a comparative market analysis is the most accurate way to determine how much your home is worth.

What standards do appraisers use to estimate value?

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. For detailed information on appraisal standards, visit the Appraisal Institute website, appraisalinstitute.org.

What's a house worth?

Home prices vary greatly around the country. Brooklyn Real Estate, and Real Estate in New York City is worth considerably more than similar homes in other locations. The bottom line is that a home is worth what someone will pay for it. Everything else is an estimate of value. To determine a real estate property's value, most people turn to either an appraisal or a comparative market analysis.

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.

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