 |
 |
Learn about
Appraisal |
|
Learn
About Types of Appraisal
There a few types of appraisal and many applications,
Talking the time to understand who uses what appraisal
approach will bring you closer to understanding
the business. |
Learn
About The Use of Appraisal
Why do we use appraisal and who benefits from it?
|
What
Methods are Used? When?
Understand who would likely use each appraisal method
and why. See how an appraiser would determine value. |
Why
Would I Need An Appraisal?
Find out why or how an appraisal would be important.
Learn how each method for home appraisal is applied.
|
|
|
|
|
 How
do you determine how much a home is worth?
The short answer: a home is ultimately worth
what is paid for it. Everything else is really
an estimate of value. Take, for example, a
hot seller's market when demand for housing
is high but the inventory of available homes
for sale is low. During this time, homes can
sell above and beyond the asking price as
buyers bid up the price. The fair market value,
or worth, is established when "a meeting
of the minds" between you and the buyer
takes place |
Are
there standard ways to determine how much
a home is worth?
Yes. A comparative market analysis and an
appraisal are the two most common and reliable
ways to determine a home's value.
Your real estate agent can provide a comparative
market analysis, an informal estimate of value
based on the recent selling price of similar
neighborhood properties. Reviewing comparable
homes that have sold within the past year
along with the listing, or asking, price on
current homes for sale should prevent you
from overpricing your home or underestimating
its value.
A certified appraiser can provide an appraisal
of a home. After visiting the home to check
such things as the number of rooms, improvements,
size and square footage, construction quality,
and the condition of the neighborhood, the
appraiser then reviews recent comparable sales
to determine the estimated value of the home.
You also can check recent sales in public
records, through private firms, and on the
Internet to help you determine a home's potential
worth. |
What
is the difference between list price and sales
price?
The list price is your advertised price,
or asking price, for a home. It is a rough
estimate of what you want to complete a home
sale. A good way to determine if the list
price is a fair one is to look at the sales
prices of similar homes that have recently
sold in the area. The sales price is the actual
amount the home sells for.
SC Real Estate |
|
|
|
