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Selling Your Home - Appraisals & Market Value

Determining the value of your home in Rock Hill, Fort Mill or Tega Cay



One of the most frequently asked questions by the Homes in the Piedmont clients is "What is Market Value" and "what is appraised value".  Both are essential to understand when buying or selling your home in Rock Hill, Fort Mill, Indian Land or Tega Cay SC.  

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 $400.

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. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

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 (CMA). 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.  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. The listing agents at Homes in the Piedmont will give you a comparative market analysis of your home in Rock Hill, Fort Mill, Tega Cay or Indian Land for free. 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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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.

Elaine Whitton Davis
Elaine Whitton Davis
Your York County SC Real Estate Experts