Are there standard ways to determine how much a home is worth?

Click stars to vote (left is low, right is high)

(No Ratings Yet)

 Loading ...

[?]
 Print This

Yes. A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home’s value.

Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpaying.

A certified appraiser can provide an appraisal of a home. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.

Lenders normally require an appraisal—which run between $200 to $300—before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.

You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth.

Discussion Forum

Topic	Posts	Last Poster
Real Estate 101 - What Is A Short Sale?	3	yxvayns
My Space Page?	2	OverlandParkRealEstate
New Agent:Getting Started in RE in S. Florida - Advice?	29	DMonette
Spanish speaking agents in California?	4	CapeCodHomes
Are customers really online?	41	CapeCodHomes
Best Real Estate Blogs???.....	3	ruthrbn
A Listing and $2.00 will get you on the subway!	2	Catie10002
"I'm not going to give my house away."	13	RISORLANDO
Inexpensive Real Estate Websites	1	robertjgaffney
Is Data Integrity really That Important?	5	shelleytherealtor

Power Teams: Grasping the Agent Team Concept

Excerpt series provides insight into recently released book
RISMEDIA, May 12, 2008-Far too many real estate agents are overworked and underpaid primarily because they try to do everything themselves. They are either unaware of the agent team approach or they do not realize the benefits that such an approach can deliver both professionally and personally. In […]