• Location — type of neighborhood, zoning areas, proximity to other establishments • Fenestration (the placement & design of windows & doors) • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value. A professional appraiser should be a qualified, disinterested and licensed specialist in real estate appraisals, with expertise in your region. His or her job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales (usually within the past 6 months) with the same or similar purchase price and within close proximity to the appraised home.
CMA (COMPARATIVE MARKET ANALYSIS) BY A REAL ESTATE PROFESSIONAL
This home valuation is usually free from real estate professionals and more helpful than automated online offerings. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically. Along with an understanding of how the worth of a home is determined, the current market must be considered. By utilizing 8
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