Have you been wondering: “What is My Home Worth?”

It is important to know the worth of your home and Property. If you were selling your house, wouldn't you want to get top dollar for it? The most integral step in refinancing, purchasing, or selling your home is having it appraised.

A Home Appraisal is an assessment that is done by a licensed Appraiser to determine the value of a home. An Appraiser will consider various factors when evaluating your home's worth. Some factors that determine Home Value are location of the house, the age and condition of the home as well as current market conditions and previous sale prices. The size and features of a house will also notably establish what value will be placed on the property. The Appraiser will also compare your home to others in the area and the prices that those homes have sold for in the recent past. The appraiser estimates a property's market value by comparing it to similar properties. The properties used are called comparables, or comps. Since properties will vary, the appraiser must compare the comps to the property being evaluated and make adjustments according to the different features of the property. The evaluation will result is a figure that shows what each comp would have sold for if it had the same components as your property. Real estate taxes and the type of housing sector will also influence sales prices in various market segments such as luxury homes, condominiums, cooperatives, mobile homes and single-family detached residences.

A comparative market analysis should not be confused with an appraisal. Real estate agents use competitive market analysis or CMA's to establish an asking price for your home. This may or may not be close to the appraised value of the home. The House Appraiser 's report will give you not only an estimate of the property's market value, it will also give you detailed accounts of the property, the real estate market in the area, and average sales time. Problems with the property or issues that might affect the homes value will also be noted. If you are unhappy about your appraisal, you can always ask for another one. Most appraisers know their business and will conduct a thorough appraisal on the property, but if you think your valuation should come in higher, you need to make your case with facts and documentation.

Melissa Steele
SmartLending.com Writer