Find Out How Much Your House is Worth

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Home Evaluation

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How Appraisers Value a Home

Real estate appraisals take many different forms. An appraisal is a type of inspection that results in an estimate of a home’s value. Mortgage lenders require a real estate appraisal as part of their underwriting in order to verify the value of collateral for a loan.

Direct Comparison Approach:
This approach compares the subject to similar properties that have sold, are for sale, and that have expired and estimates a house value based on the market comparables. This is the typical approach for a residential property, in which similar sales are considered and adjustments for differences are made based on market evidence of factors that influence purchase decisions – for example, a finished basement versus an unfinished basement.

Cost Approach:
This approach estimates the cost to replace or reproduce the property, then applies depreciation for a number of components (physical, functional, external obsolescence, etc).

Income Approach:
This approach estimates the potential income of the subject and applies the appropriate mathematical function (capitalization rate, Gross income Multiplier, etc).

Have Any Questions?

All the above may seem rather overwhelming.  That is why having a professional represent you and keep track of all the details for you is highly recommended.  Please email Tyler or call to discuss any of these matters in further detail.



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