While online valuation tools can provide general price ranges, they are not reliable for setting a listing price.
PROFESSIONAL APPRAISAL
A real estate appraisal, or property valuation, provides an expert opinion on a home’s market value. This is the estimated price a willing buyer and seller would agree upon in a fair market. Appraisals are essential in real estate transactions because properties are unique and do not change hands frequently. An appraisal is useful in several ways. Sellers can use it as a benchmark for pricing, buyers can use it to guide their offers, and lenders rely on it to determine how much to lend.
KEY FACTORS IN AN APPRAISAL:
• dwelling type (one-story, two-story, split-level, factory- built) • features and materials used in construction • improvements and upgrades • comparable recent sales • location, including neighborhood, zoning, and proximity to amenities • property age and size • depreciation and overall condition While location is fixed, property upgrades and improvements can enhance value. A professional appraiser should be a qualified, impartial specialist with expertise in the local market. The appraisal 12
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