What Is Your House Market Value?

When you probe into the world of real estate, you will find out the difference between the house market value and the appraised value

. This is always mistaken to be one and the same but here is the essential fact that you should be aware of.

An appraisal is when a certified appraiser determines the value of the property. This happens most of the time upon the buyer's request when they process their loans and they need to have this information submitted to their loan company.

Instead, the value is determined by a real estate agent or a broker. This is called a comparative market analysis, where they get an evaluation from recent sales of similar estate.And this is done by the agent involved in the possible transaction. The agent may use mass appraisal techniques, the recent market trends in real estate, comparables and other approaches to determine the whole assessment of you property.

The loan institutions require a thorough assessment of the property before they can even start with the procedures in processing a loan application. The information provided by your real estate agent to estimate the property are basic and there's no accuracy to it so it will not be accepted by your lender. So the certified appraiser will be hired as they are more reliable to give a more detailed and accurate value of the estate. They will inspect every facet of the house including its present condition, age, style and appearance, the size and its square footage. This is to assure the lender that the property is in fact worth the loan request.

It also the same if you are selling your home, you need to have both your agent and the appraisers evaluation. It would help resolve a reasonable asking price. Sellers who do not know their house market value, will price it too high or too low which can have a negative financial result. Or if you want, you may also try to make some improvements first before putting it on the market.

Check the condition of your roof, windows or doors to find out if theres anything you need to fix. A newer or well-maintained mechanical system will also highly affect your propertys market value. See if you install new carpets, wallpapers, get your house repainted, fixtures and other small details are extra things you can do for the house. Update the other parts of your house including the kitchens and baths as they are also areas that are carefully inspected by prospective buyers. And bear in mind not to spend so much if it's not needed.

It is essential that you know all the facets. It is always advised for a buyer or a seller to resolve your property's value by appraisal and house market value.

by: Allen Wright

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