The video below is correct but it leaves a few things out.
I’m sure you know that an Appraiser can give you a fairly precise picture of your home’s value, after all an appraiser, contracted by your mortgage company, was very likely involved when you bought your home. But did you know that you can hire an appraiser yourself? It’s a little pricey- between $300 to $400, and to be certain the estimate is completely accurate you’ll want to make an appointment for the appraiser to inspect this inside of your home, not just do a ‘drive by’. Condition is a big factor in value.
Another method mentioned in the video is the CMA or Comparative Market Analysis. This is almost always a Free service provided by a Real Estate Agent, and in my case there is never any obligation attached. A CMA relies almost exclusively on market conditions and prior sales. Replacement value of the home does not come into play as it does in an appraisal. One small correction to the information provided in the video, customarily both appraisals and CMAs consider prior sales within the past 6 months, not a year.
Video: How Much is Your Home Worth? Here’s How to Get a Spot-On Value.
For your convenience there is a transcript directly below this video.
Video Transcript: How Much is Your Home Worth?
Here’s How to Get a Spot-On Value.
An accurate assessment of your homes value is an important first step in selling your home quickly and for a fair price.
Welcome to Today’s News Update everyone, I’m Jenny Dunn.
There are several ways to determine your home’s value. A Comparative Market Analysis (CMA) and an Appraisal are among the most reliable ways to determine your home’s worth.
The Comparative Market Analysis estimates your home’s value based on what similar properties near yours sold for over the past year or so, as well as the asking price of homes currently for sale in your neighborhood. Using figures from both past sales and current listings will help you avoid pricing your home either too high or too low.
An appraisal assesses your home’s value based on its square footage, number of rooms, overall conditions and other factors. The appraisal is helpful but it’s also important to know your home’s value might differ depending on market conditions.
Having your home’s value professionally assessed will help you avoid frustration and disappointment as you wait for your home to sell.
We hope this information is helpful to you, thanks for watching, look forward to seeing you next time.
For more information, Call or Text: 602-999-0952
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
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More Resources for Home Sellers and Home Buyers
Our Buyer’s FAQ page has 9 of the most frequently asked questions from Home Buyers, along with 10 additional resources for Home Buyers at the bottom of the page.
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Thinking of Selling your home? First check out our 9 FAQs for Sellers. Then read on, there are 9 additional resources for Home Sellers at the bottom of the page.