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“it is now also possible for a homeowner to research and determine
an estimated value of his or her home independently"

Real 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 home.

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 value.

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About Orly Chen

  Orly Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
outgoing personality,
honesty and
approachability and
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market

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