Teaser for Appraisals and Market Value

Learn more about how much a house is worth before making an offer. Here we provide important information about housing prices, appraisals, and market value. These resources are provided in order to give Western Colorado home buyers knowledge and confidence when making their new purchase!

What is a house worth?

Appraisals and comparative market analysis are frequently used to estimate a property’s value. An appraisal is a certified appraiser’s estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping, and schools. Most appraisals cost about $300. A comparative market analysis is a real estate broker’s or agent’s informal estimate of a home’s market value, based on sales of comparable homes in a neighborhood. Contact us (link to contact page) today for your comparative market analysis from The Joe Reed Team!

What is the difference between list price, sales price, and appraised value?

The list price is a seller’s advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser’s estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home’s value, including the home’s size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. The Joe Reed Team recommends ____ (insert link to recommended appraiser)

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

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