How Do You Determine A Home's Value?

Determining a home's value is not an exact science and it's never a fixed number. Very few people outside of the real estate business can accurately come up with a value. Why? Homeowner's think their house is always "the best". Appraisers look at a home based primarily on statistical data. Buyers and Realtors have their own views. Depending on who you are, you may give more weight to different factors. So, will you have a wide variety of opinions? You bet. These are some of the factors to consider:

1 The home's square footage
2 Quality of construction
3 Home design, general appeal, amenities
4 The home's floor plan
5 Proximity to transportation, schools and shopping
6 Lot size, topography, landscaping, view
7 In the case of a purchase transaction, what a seller and buyer negotiate also contributes to the value
8 And of course, the most recent sales of similar properties nearby

Thanks to Adam Ford of Mortgage Advisors Group for the above article.
Adam can be reached at 661-254-3744, adam@adamford.net