Question: How is a home's value determined?

Answer: There are several ways to determine the value of a home:

Appraisal: An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and the quality of construction.

Comparative market analysis: This is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes.

Question: What is the difference between market value and appraised value?

Answer: The market value of a house is the price it will bring at a given point in time.

The appraised value is the worth of a house that is a appraiser's certified opinion at a gievn point in time.

Question: What standards do appraisers use to estimate value?

Answer: Several factors are considered when estimating a home's value. These include the home's size and square footage, the condition of the home and neighborhood, comparable local sales, pertinent historical information, sales performance and indices that forecast future value.