Home Value Estimating

The two most common means of estimating your home’s value are an appraisal by a certified appraiser and a comparative market analysis.

Appraisal vs. Analysis. A certified appraisal considers such factors as square footage, construction quality, home design, floor plan, neighborhood, availability of public transportation, local schools and shopping, lot size, view and landscaping. An appraisal can cost between $200 and $300. A comparative market analysis is more informal, made by a real estate agent based on sales of comparable homes in the neighborhood, and may be done at no cost.

“Value” vs. “worth.” While a home’s “estimated value” can be gleaned from an appraisal or comparative market analysis, a home’s “worth” is ultimately established by the market: what prospective buyers are willing to pay.

Trust the professionals. Sites such as Zillow can create home-value estimates, but these sites only calculate recent home sales and refinance transactions in your area. A certified appraisal or competitive market analysis are your best chances for an accurate assessment.