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Blog Posts

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What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home’s value, including the home’s size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 200…

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How is a home’s value determined?

You have several ways to determine the value of a home. An appraisal is a professional estimate of a property’s market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an…

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What’s a house worth?

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property’s value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a certified appraiser’s estimate of the value of a home at a…

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What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a…

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What’s a home inspection?

A home inspection is when a paid professional inspector — often a contractor or an engineer — inspects the home, searching for defects or other problems that might plague the owner later on. They usually represent the buyer and or paid by the buyer. The inspection usually takes place after…

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Finding a Home Inspector

In order to find a home inspector, Dian Hymer, author of “Buying and Selling a Home A Complete Guide,” Chronicle Books, San Francisco; 1994, advises looking for someone with demonstrable qualifications. “Ideally, the general inspector you select should be either an engineer, an architect, or a contractor. When possible, hire…

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How do I find a home inspector?

Your realty agent is one source. But keeping them independent from the agent may be a good idea. Inspectors are listed in the yellow pages. You can ask for referrals from friends. Ask for their credentials, such as contractor’s license or engineering certificate. Also, check out their references.

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Do I need a home inspection?

Yes. Buying a home “as is” is a risky proposition. Major repairs on homes can amount to thousands of dollars. Plumbing, electrical and roof problems represent significant and complex systems that are expensive to fix.