A home is ultimately worth whatever someone is willing to pay for it, right? Well, sorta.
Listing a home for $899,900 doesn’t actually make it WORTH that amount! To determine a property's value, most people turn to either a formal real estate appraisal or the more informal comparative market analysis. An appraisal is a Certified Appraiser's estimate of the value of a home at a given point in time. Appraisers take into consideration other recent home sales in the neighborhood, square footage, construction quality, design, floor plan, amenities, neighborhood and availability of transportation, shopping and schools. They also consider lot size, topography, view and landscaping. Most appraisals cost about $400, and if your buyers are financing the purchase of your home, the lender will require that an appraisal be done to determine how much your buyers will be able to borrow.
A more informal approach is the Comparative Market Analysis (CMA) which is a real estate broker or agent's opinion of a home's market value, based on the same basic information that an appraiser uses. BUT...it doesn’t cost a thing...and there’s no obligation whatsoever!
Click on the “Request a Value Estimate” link below or here to get started.