Home Value
What exactly is home value, how is it
determined,
and how you can find your home value.
As you may have learned by
now, value comes in many shapes and sizes. Value to one person, may mean
something entirely different than value to another. Let me explain… A young
girl may not want to give up her doll for $100, but if you give that same doll
to a 14 year old boy, and he’ll probably let you have it for a Snickers bar.
Now you see 2 greatly varying values for the same item. How much is the doll
REALLY worth?
The Novak Principle
The Novak Principle states that the value of something can
only be ascertained when you have
someone willing to sell a certain item for a certain price, AND someone willing
to buy that item for the same price.
As
for home value…
The value of a home can be estimated based on the likely sales price should
the home be placed on the market and sold to a willing buyer.
This home
value estimate is usually based upon the following:
1. Sales prices of homes with
similar characteristics which have sold and closed within the past 6 months.
2. Homes
currently listed for sale that are similar to the home being valued.
3. The number of homes currently on
the market that would compete with the home being valued.
4.
The general trend of home sales in the subject’s
area.
5.
The availability of affordable loan programs in
the subject home area.
Who
supplies this home value estimate?
The majority of the time, a state licensed appraiser compiles the information
necessary to render a home value. An appraiser is usually required by any
mortgage lender who is planning to lend money to a borrower. On occasion, a
licensed real estate agent is contracted to provide a home value opinion which
the lender will accept. If the lender feels that the value obtained from the
appraisal or home value opinion was inaccurate (too high, or too low), the
lender may request another valuation or a review.
Where can you get a
Home Value for your property?
There are several options available
for obtaining a home valuation. These options range from
$0
to $500,
and the accuracy of each option varies and is not connected to the cost of the
valuation.
Below
are a few options for finding your home value:
1.
Licensed Appraiser (cost usually between $200-$400)
2. Licensed Local real estate broker (there is no cost for this
option, but caution must be used to assure you’re speaking with a reputable
agent who knows how to properly evaluate your home)
3.
You can obtain a FREE home value from Homefindinginfo.com.
Homefindinginfo.com provides home valuations based upon the criteria listed
above. These home valuations are compiled by state licensed professionals
who volunteer their time to home owners like you. Their estimate is not a
general value of the homes in your area. It is a value estimate based upon
the specific characteristics of your actual home. You provide your home’s
characteristics, and a home value report will be compiled and delivered to
you via mail or email within 72 hours.
To get your free home value from Homefindinginfo,
CLICK HERE.
In order not to
cause confusion, mistake
and/or deception among consumers as to source, endorsement or
sponsorship, please be advised that the preceeding
information is an op/ed piece
submitted and does not necessarily reflect the views of Homefindinginfo.com.
Homefindinginfo.com
Copyright © 2001-2007. All rights reserved.
Revised:
09/30/07
Home Value
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