Appraisal Value Of A Home
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The appraisal value of a home is based on size,
location, quality and recent sales of like homes. In
order to buy a home, the lender will require that you
have a certified appraiser (usually one supplied by
the lender) write up an appraisal on the home. This
is also the case if you are borrowing against the
value of a home you currently own such as in a home
equity loan.
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Appraisal Value Home Criteria
The criteria used for a home appraisal includes
many factors. The neighborhood can figure heavily as
this can raise a homes value quite a bit and a home in
a desirable neighborhood can be worth much more than
the same exact home in a lesser neighborhood. The
homes size and square footage is figured into the mix
as well as the condition of the home. Sales of like
homes in the neighborhood are used for comparison -
typically 3 recent sales are used to gauge what your
home may be worth.
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Here To Learn More About Selling A House
If you are selling a house, your real estate agent
may do a market analysis of the property which
is a bit different from the appraisal value. Home
values may actually be the same in each case as
similar methods are used to determine a value but the
appraisal is done by a certified appraiser and the
market analysis is done by comparing very recent sales
of like homes in the same neighborhood.
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