• Type and design of the dwelling (e.g., single-story, multi- level) • The materials used and overall quality of construction • Improvements made to the property • Comparable sales in the area • Neighborhood factors and zoning laws Appraisers use this information to determine what a willing buyer would pay a willing seller in a fair, open market. The appraisal fee typically ranges from $300 to $500, and it’s an essential tool for both sellers and buyers in determining a fair sale price. • Age and condition of the property • Property size and any depreciation
Current Market Appraisal by a Real Estate Professional
Another valuable tool in determining your home's value is a Current Market Analysis (CMA) performed by a real estate agent. Unlike online estimates, a CMA is based on actual, real- time data about homes that have recently sold in your area, as well as current listings. Your agent will analyze the prices of homes similar to yours, including those that are currently for sale—your competition. In addition to providing insight into comparable properties, a seasoned real estate professional can offer guidance on pricing strategies and how to position your home in the current market. This analysis is typically free and can give you a much clearer understanding of how to price your inherited home competitively.
The Condition of the Property
While factors like location and square footage are important, condition plays a significant role in determining a home’s value. 26
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