Ways to Determine Your Homes Worth

There are some homeowners that are not sure how to determine the value of their property.  Some homeowners need to know the fair market value of their home for either tax assessments, or when considering selling their property.  There are a couple ways the market value can be determined.  First, have a professional appraisal; this is the formal way to determine the value of your property.  This appraisal is done by a certified appraiser who estimates home values based on a variety of things, such as, square footage, design, floor plan, neighborhood, schools and landscaping, etc.   The cost of an appraisal will vary from property to property.  The second type of appraisal is a comparative market analysis (CMA).  This type of appraisal is an informal assessment of property to establish the market value of the property.  Usually, this appraisal is done by realtor who compares similar properties recently sold in the area.  Many times there is no cost to the homeowner for this service.  The realtor is hoping to receive future business from the client.  Both of the above appraisal approves can be good, and always remember, an appraisal is not an exact science, it an estimate what one person thinks you property is worth on the open market.