What’s the difference between an appraisal and a comparative market analysis? Good question!
An appraisal is a certified appraiser’s calculation of the value of your home at a given point in time. In order to get the approximate value of your home, the appraisal takes into consideration such things as:
- Your home’s square footage
- Construction quality
- Home design
- Your home’s floor plan
- The neighborhood your home is located in
- Availability of transportation, shopping and schools
- Lot size, topography, view and landscaping
Where can I get the approximate value of my home?
A comparative market analysis is more of an informal estimate of your home’s market value. A real estate agent makes an analysis based primarily on sales of comparable homes in the neighborhood. Compared to home appraisals, which typically cost between $200 and $300, a comparative market analysis may be obtained at no cost.
What’s the difference between the estimated value of my home and my house worth?
While a home’s “estimated value” is most commonly determined by either an appraisal or a comparative market analysis , its “worth” is ultimately established by what prospective buyers are willing to pay for it.
Can I find the value of my home through the Internet?
Use a home value tool to get home value estimates. There are also a number of other websites and services that can crunch the numbers and calculate your home’s estimated value.
While these calculators rely on recent home sales and refinance transactions in your area to produce a value estimate, an appraisal or comparative market analysis may still provide you with the most accurate assessment.
If you still have questions, please call us at 800-251-9080 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.
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