These are four different ways in which people go about finding their home's value. Are all of them equally accurate? Absolutely not. However, they are the most common ways homeowners discover the 'idea' of the value.
PRICE PER SQUARE FEET:
Price Per Square feet is the common measure of value. It measures the outer boundaries of the price range in which the property should fall into it. One problem with price per square feet is that it doesn't take in account the other variables that affect the home value. Those important variables are location, condition, of the home, parking etc. When it comes to condos, it doesn't take in account floor, outdoor space, neighborhood, views etc.
Price per square feet has value but it isn't the determining factor of the properties value.
ONLINE HOME EVALUATION TOOLS:
Zillow has a known online tool for home evaluations. Even though some homeowners use this tool, it doesn't mean it's beneficial. A computer can't enter a home and find repairs that need to be done. There is no harm in using this tool as an idea of what your value might look like but no computer can replace the human element needed to determine a homes value.
COMPS:
The comps method is used by Realtors and appraisers. This method is used to find recent sales of homes of similar nature and quality as the subject property. It isn't as narrowed down as an appraisal, but it's a great start to understanding the market.
FAIR MARKET VALUE THROUGH APPRAISALS:
Appraisals are one of the most reliable home valuation tools. An appraisal is simply one person's opinion of a property's value but that has been formally trained and certified in forming opinions on home values. The best appraisals are those performed by appraisers who are familiar with the market and who do a lot of their business in the area of subject property's neighborhood or county. Out of all the methods states above, appraisals are the most accurate when dealing with the value of a home.
If you want to know the value of your home, call (404) 955-9997 and order a home appraisal today.
IF you find this article to be helpful, please share and "like" us on Facebook for more real estate news, appraisal tips and homeowner advice.