About appraisals

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Updated: 4/13/2007 7:48 am
An appraisal's a real estate agent's estimate of your home's market value. This dollar number is a ball- park estimate of what your home may sell for. This price isn't a guarantee, but it's an expert's opinion. An agent bases the evaluation on several factors. Location is a major determinant in the valuation of your property. Is your home in a well kept neighborhood? Is there convenient shopping nearby? Easily accessed business areas might also contribute to the worth of your home. Size, called square footage, is also important to your home's appraisal. Are there enough bedrooms to accommodate the family of the average buyer? Is there adequate storage and closet space? Remember, the condition of your home can raise or lower your home's value. Sturdy construction, a level foundation, and a weather-tight roof are key considerations. Interior conditions should meet minimum standards, also. Walls recently painted, and flooring free of obvious wear, help ensure your home's appraised comparably with similar homes in your neighborhood. Your appraisal's based largely on these items, but amenities may contribute, too. Upgraded flooring, a pool, or a luxury bath can affect your home's market appraisal. For more information, contact a real estate agent.

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