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 $200 to $400.
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?
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.
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.