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What's Your Home Value? Sell with Voyage Realty Group
Appraisals and Market Value
Are there standard ways to determine how much a home is worth?
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Yes. A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value.
A comparative market analysis is an informal estimate of value based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpaying.
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A certified appraiser can provide an appraisal of a home. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.
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Lenders normally require an appraisal – which runs between $400 to $500 – before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.
You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth by connecting with one of our Voyage Realty Group Agents.
Should I use a Agent to Help Me?
ABSOLUTELY
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Voyage Agents are here to represent the Buyer or Seller best interest. For listings, agents ensure owners have all the details to listing their homes which include the correct contracts, forms and disclosure statements. With the MLS at our disposal, agents do offer the maximum range of exposure to prospective buyers.
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