Seller Resources - Articles

Selling Your Home - Appraisals & Market Value

What is the difference between market value and appraised value?
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 $600 to $700. 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 First American Real Estate, Inc..  Simply contact us and we will get to work for you.

Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

What's a house worth?
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 $700. 

A comparative market analysis is our informal estimate of a home's market value, based on sales of comparable homes in a neighborhood. First American Real Estate, Inc. will give you a comparative market analysis for free. 

How is a home's value determined?
You have several ways to determine the value of a home. An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality.  A comparative market analysis is an informal estimate of market value performed by First American Real Estate, Inc. based on similar sales and property attributes. 

It takes about 90 minutes for us to complete a thorough CMA, and our time is valuable - we don't get paid anything unless someone buys or sells a house through our office.  We offer free analyses in the hopes of earning your business.  


What standards do appraisers use to estimate value?
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, contact the Appraisal Institute at 200 W. Madison, Suite 1500, Chicago, IL 60606, 7 a.m. - 5 p.m. CT; 888-7JOINAI (754-4624).

First American Real Estate, INC
First American Real Estate, INC
(719) 896-6696
6295 Lehman DR Suite 105 Colorado Springs CO 80918
no name available First American Real Estate, INC