Buying Your Home - Appraisals & Market Value

What is the return on new versus previously owned homes?
neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood,
Buying into a new-home community may seem riskier than purchasing a house in an established growth in the
local housing market and the state of the overall economy. One survey by the National Association of Realtors
shows that resale homes do have an edge over new homes.

What's a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either an appraisal or to my comparative market analysis. An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square
footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300-400. A comparative market analysis is what I would do as real estate broker and it’s an informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. I provide the comparative market analysis for FREE.

Can I find out the value of my home through the Internet?
You can get some idea of your home's value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produces official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

What is the difference between list price, sales price and appraised value?
The list price is the list price that with my help the seller places on their home, it’s a figure that usually is only a close estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult with me for comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

What are the standard ways of finding out how much a home is worth?
A comparative market analysis and an appraisal are the standard methods for determining a home's value. As a professional real estate Broker I will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. I will make sure that I get listing prices of current homes on the market as well as those that have sold. I can also perform a BPO, Broker’s Price Opinion which is an estimate of value between a market analysis and an appraisal.

How do you determine the value of a troubled property?
If you’re considering a foreclosure property it best to work with an experienced and knowledgeable Broker like myself as this could be a very difficult process. I would make sure that after viewing the property you will understand the steps needed to purchase a foreclosure as well as finding out what documents the lender uses in order to comply with the lender and therefore making it a smooth transaction. Usually foreclosures can be purchased for 20%, 30%, or even 40% below market value. However, if the contract is not structured correctly you may purchase a property that will need a lot of repairs, therefore, an inspection of the property is essential when purchasing a foreclosure.

What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $250 to $350. Market value is what price the house will bring at time of purchase at any given point in time.

For more information email me at victor@1stamericangroup.com or call 954.772.0108

And remember…Real Estate Victory Begins with Victor

1st American Group & Investments Realty, Inc.

Victor Patane

Broker/Formally with: Century 21, ERA, BH & Garden

3427 Galt Ocean DrFort LauderdaleFL33308
Business:(954) 772-0108
Fax:(888) 491-3369
License #:BK0552963
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