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Home Buyer Resources
The Benefits of
Owning Your Own Home vs. Renting
20 Steps Down the
"hallway to home ownership
How much can I
afford
Making an offer
Seller Resources
Appraisal Value vs.
Market Value
How do I prepare
the house for sale?
How does someone
sell a slow-mover?
Duties of a Listing
Agent
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Appraisal
Value vs. Market Value
A home 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.
An
appraisal is a certified appraiser's estimate amenities, energy
efficiency, the quality of the of the value of a home at a given point in
time. To make their determination, 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 an informal estimate of market value, based
on comparable sales in the neighborhood, performed by a real estate agent or
broker. 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's or assessor's offices, through private companies or on the
Internet.
Some useful
resources to help you determine the value of your home include:
* Dataquick
Information Systems tracks home sales statewide and prepares reports for
specific properties. Call 1-800-999-0152.
* Go to
http://www.dataquick.com (look under Consumer Tools), a useful website to do
your own home value determination and get reports about the neighborhood you
reside in or want to move to.
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