HOME VALUES
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Has my home gained or lost value since I purchased? What rule of thumb can I use to estimate market value? Is there a web site I can go to find the value of my home? All excellent questions.
Let's begin with how a professional Realtor or appraiser approaches the question of value. Market value is estimated by choosing recently sold comparable properties and adjusting their sale prices for differences in characteristics between the comparable property and your home. The appraisal always begins with a complete inspection of the premises to account for quality of construction, condition, utility and size. Some of the features considered in a typical appraisal follow:
 Location
Size & layout
Numbers of bedrooms and baths
Quality of fixtures and appliances
Amenities like decks, fireplaces & views
Lot size and utility, access to the property
Proximity to shopping and schools
An adjustment might be required for a difference in quality or size, special feature or utility or absence of it in a comparable property relative to your home. For example, an adjustment for a home with 3 baths to your 2 bath home. The adjustment would account for what buyers were willing to pay for the extra bath and then deducting that amount from the sale price of the otherwise comparable property. The adjusted values of several comparable properties are then analyzed for variance and a single most comparable property is chosen on which to base the estimate of market value. If this sounds complicated and difficult, it is. It's a good reason not to trust web sites that offer simple value estimators. Those estimators operate on formulas applied to historic sale prices and often, faulty data. A lender won't lend without a fresh, on-site appraisal by a licensed professional. If you're thinking of selling, why not get an estimate you can rely on. Get a Free Market value estimate of your home from a professional you can trust. |
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