• Features (including design) — materials used and the kind of structure present, and how they were built • Improvements made • Comparable sales • Location — the type of neighbourhood, zoning areas, proximity to other establishments • Age of property • Size (Square Footage, Number of Bedrooms, Number of Bathrooms, Lot 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 specialist in real estate appraisals with expertise in your region. Their job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales with the same purchase price.
COMPARATIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL
The Comparative Market Analysis (CMA), a type of home valuation, is often free from some real estate professionals and more detailed and 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.
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