How is a home's value determined?
You have several ways to determine the value of a home.
An appraisal is a professional estimate of a
property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
A comparative market analysis is an informal estimate of market value
performed by a real estate agent based on similar sales and property
attributes. Most agents offer free analyses in the hopes of winning
your business.
You also can get a comparable sales report for a fee from private
companies that specialize in real estate data or find comparable sales
information available on various real estate Internet sites.
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