data, which change regularly. They also don’t consider all relevant factors. Professional Appraisal: Real estate appraisal involves the development of an opinion of value for a property. In other words, it’s the “market value,” or what a willing reasonable buyer would pay for the property to a willing reasonable seller. Generally, the most important factors involved in a professional house appraisal are: • dwelling type (one-story, two-story, split-level, etc.) • features (design, materials used, structure type, improvements made) • comparable sales • location (area, neighborhood, proximity to amenities, etc.) • age and size of property • depreciation • condition of property Condition plays a big role; properties can’t change their location or their age, for example, but their value can be enhanced through upgrades and improvements. Be sure to hire a professional appraiser—someone who is qualified and experienced with expertise in your region. Current Market Appraisal: This home valuation is free from real estate agents, and often more useful than online tools. It will include detailed information on each property sold in your region over the last six or so months, including the asking price and the final sales price. Beware: these homes are your competition. But you can use this information as leverage. And it will help you and your agent price your home realistically. The current market must be considered when pricing your home. 48
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