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Buyer FAQ |
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Appraisals & Market Value |
 Can I find out the value of my home
through the Internet?
How do you determine the value of a troubled property?
What are the standard ways of finding out how much
a home is worth?
What is the difference between list price, sales
price and appraised value?
What is the difference between market value and
appraised value?
What is the return on new versus previously owned
homes?
What standards do appraisers use to estimate value?
What's a house worth? |
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Question: Can I find out the
value of my home through the Internet?
Answer: 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 produce 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. |
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Question: How
do you determine the value of a troubled property?
Answer: Buyers
considering a foreclosure property should
obtain as much information as possible from
the lender, including the range of bids expected.
It
also is important to examine the property.
If you are unable to get into a foreclosure
property, check with surrounding neighbors
about the property's condition.
It also is
possible to do your own cost comparison through
researching comparable properties recorded
at local county recorder's and assessor's
offices, or through Internet sites specializing
in property records. |
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Question: What
are the standard ways of finding out how much
a home is worth?
Answer: A
comparative market analysis and an appraisal
are the standard methods for determining
a home's value.
Your real estate agent will
be happy to provide a comparative market analysis,
an informal estimate of value based on comparable
sales in the neighborhood. Be sure you get
listing prices of current homes on the market
as well as those that have sold. You also
can research this yourself by checking on
recent sales in public records. Be sure that
you are researching properties that are similar
in size, construction and location. This
information is not only available at your
local recorder's or assessor's office but
also through private companies and on the
Internet.
An appraisal, which generally costs
$200 to $300 to perform, is a certified appraiser's
opinion of the value of a home at any given
time. Appraisers review numerous factors
including recent comparable sales, location,
square footage and construction quality. |
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Question: What
is the difference between list price, sales price
and appraised value?
Answer: The
list price is a seller's advertised price,
a figure that usually is only a rough 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 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. |
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Question: What
is the difference between market value and appraised
value?
Answer: 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 $200 to $300.
Market
value is what price the house will bring
at a given point in time. A comparative market
analysis is an informal estimate of market
value, based on sales of comparable properties,
performed by a real estate agent or broker.
Either an appraisal or a comparative market
analysis is the most accurate way to determine
what your home is worth. |
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Question: What
is the return on new versus previously owned
homes?
Answer: Buying
into a new-home community may seem riskier
than purchasing a house in an established
neighborhood, but any increase in home value
depends upon the same factors: quality of
the neighborhood, 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. The trade group's figures show
the median price of resale homes increased4.3
percent between 1999 and 2000, compared to
2.8 percent for new homes in the same period. |
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Question: What
standards do appraisers use to estimate value?
Answer: Appraisers
use several factors when estimating a home's
value, including the home's size and square
footage, the condition of the home and neighborhood,
comparable local sales, any pertinent historical
information, sales performance and indices
that forecast future value. For detailed
information on appraisal standards, visit
the Appraisal Institute website, appraisalinstitute.org,
or contact the organization at 550 W. Van
Buren St., Suite 1000, Chicago, IL 60607;
(312) 335-4100. |
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Question: What's
a house worth?
Answer: 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
a 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.
A comparative
market analysis is a real estate broker's
or agent's informal estimate of a home's
market value, based on sales of comparable
homes in a neighborhood. Most agents will
give you a comparative market analysis for
free.
You can do your own cost comparison
by looking up recent sales of comparable
properties in public records. These records
are available at local recorder or assessor
offices, through private real estate information
companies or on the Internet. |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
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FEATURED PROPERTIES |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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N/A |
| Asking Price |
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$777,000 |
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| Virtual Tour |
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S. San Francisco |
| Bed/Bath |
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4/2.5 |
| Sq ft |
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2410 |
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$868,000 |
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| City |
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San Carlos |
| Bed/Bath |
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3/2 |
| Sq ft |
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2050 |
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$1,385,000 |
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San Mate |
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1/1 |
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692 |
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$395,000 |
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San Mate |
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2/1 |
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918 |
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$435,000 |
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Foster City |
| Bed/Bath |
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3/2 |
| Sq ft |
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1,540 |
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$798,000 |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
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$529,000 |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
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$535,000 |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
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$775,000 |
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Redwood City |
| Bed/Bath |
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5/3 |
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N/A |
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$1,399,950 |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
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$750,000 |
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San Mateo |
| Bed/Bath |
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2/1 |
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1,130 |
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$935,000 |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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