A home ultimately 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.
Can
I find out the value of my home through the Internet?
You can get some
idea of your home's value by searching the Internet. A number of Web sites and
services crunch the numbers from historic public records of home sales to
produce the statistics. Some services offer an actual estimate of value based on
acceptable software appraisal standards. They also depend on historic home sales
records to calculate the estimate. Neither of these services produce official
appraisals. They also don't factor in market nuances or other issues a certified
appraiser or real estate professional might in assessing the value of your
home.
What is the difference between list price, market values, 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.
Market value is what price the house will bring at a given point in time.
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.
How do you determine the value of a troubled
property?
Buyers considering a foreclosure property should obtain as much
information as possible from the lender, including the range of bids expected.
It also is important to examine the property. If you are unable to get into a
foreclosure property, check with surrounding neighbors about the property's
condition. It also is possible to do your own cost comparison through
researching comparable properties recorded at local county recorder's and
assessor's offices, or through Internet sites specializing in property
records.
What is the return on new versus previously owned homes?
Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes.
Whatever your questions are regarding real estate - I'm here to help.
I can show you any property in Oregon and provide you with a Free Comparative Market Analysis, to get you well on your way to selling your home.
Contact your Real Estate Source, Donna Graham
