Questions & Answers
Get the answers on home selling and buying.
Appraisals & Market Value - Q & A
Q:
How is a home's value determined?
A: You have several ways to determine
the value of a home.
An appraisal is a professional estimate of a property's market value,
based on recent sales of comparable properties, location, square
footage and construction quality. This service varies in cost depending
on the price of the home. On average, an appraisal costs about $300
for a $250,000 house.
A comparative market analysis is an informal
estimate of market value performed by a real estate agent based
on similar sales and property attributes. Most agents offer free
analyses in the hopes of winning your business.
You also can get a comparable sales report
for a fee from private companies that specialize in real estate
data. You also can find comparable sales information available
on various real estate Internet sites.
Copyright 1999 Inman News Features
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