orly chen – bergen county's premier
real estate agent
O: 201.567.9191 / C:
is now also possible for a homeowner to research and
an estimated value of his or her home independently"
Estate Properties: Identifying Value
A home is one of the biggest
investments that an individual makes in his or her lifetime.
Therefore, it’s natural that the value of the home is
one of the largest concerns facing a homeowner. Generally speaking,
homeowners rely on a combination of real estate agents’
comparative analysis information, which in the industry are
referred to as “comps”, and full value appraisals.
However, via the Internet, it is now also possible for a homeowner
to research and determine an estimated value of his or her home
independently. It’s recommended that a homeowner employ
all three of these techniques for determining the value of the
If you are interested in identifying the value of your home,
follow these steps:
The first step in finding the value
of a home is to schedule a full value appraisal by calling
a home appraiser. When looking for an appraiser, it’s
important to find one that has a license as well as a
state certification. Professional designations are also
something that many qualified real estate appraisers possess.
You may interview an appraiser as to his or her designations.
It’s also important to get a sense of how much of
the appraiser’s work is done in your specific locale.
Appraisers charge a flat fee but
will sometimes require additional fees for homes with
larger than average acreage or special circumstances.
Once you have had your home appraised,
it’s time to meet with a real estate agent. You
will take the real estate agent on a walk through of the
home. You should also make the real estate agent aware
of any anticipated changes you intend for the home, such
as improvements or renovations. The real estate agent
may also have suggestions about improvements or renovations
that could increase the value of the home.
Following this walk through, using
comparative market analysis, the real estate agent will
be able to give you an idea of the value of your home
via a written CMA, or comparative market analysis. The
CMA is prepared by examining comparable homes in the locale
that have sold in the past twelve months. Homes that have
closed escrow in the past twelve months and homes that
have expired listings, pending sales, and active listings
will also be included.
With your prepared CMA in hand,
you may take to the Internet and do independent research,
as well. Using your address, state, and zip code you will
be able to find several resources online that will give
you a free estimated home value. Of course, this figure
is an estimate and is not as trustworthy as one that comes
directly from a real estate agent, but it is a good way
for you to supplement the information you already have
with some independent research.
Using these tips, you will be on track to a full understanding
of your home’s value, and you will be able to plot changes
you might make to your home or plans in consideration of that
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market