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What is my home worth?

by Kathy Clark, REALTOR®

Kathy Clark, REALTORĀ®

 

What is my home worth?

Seems like a simple and innocent question, but in reality, it takes some time and effort to come up with a fairly accurate answer.

When people find out what I do for a living, this is the question I get asked the most, "What is my home worth?". When I try to explain that there are a lot of factors that go into giving them an answer, I get many reactions. They think I am trying to avoid the question, or maybe don't want to talk to them, or just don't know the market well enough to give them an answer.
 
Simply put, a property is only worth what a ready, willing and able buyer is going to pay for it.  How you determine that is? By doing a market analysis. This involves finding like property in the same area that has sold within the last 6 months to a year, and comparing it to the host property.
So I always tell people that I would hate to just "guess", but that I would be happy to do a market analysis for them, at their convenience to determine value.
 
If you would like for me do a market analysis on your home, please contact me. It would be a privilege to meet with you. 
 

Contact Kathy Clark today at the Peach office at 814-866-8840, cell at 814.323.6209, or e-mail at Kathy.Clark@MarshaMarsh.com.

 

What You Must Know About Home Appraisals

by House Logic

 

If you think the appraisal value of your home is too low, you can seek a second opinion. 

Understanding how appraisals work will help you achieve a quick and profitable refinance or sale.

When you refinance or sell your home, the lender will insist that you get an appraisal—an opinion of the value of your home based on what similar homes in your area have sold for in recent months.

Here are five tips about the appraised value of your home.

1. An appraisal isn’t an exact science

When appraisers evaluate a home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home.

2. Appraisals have different purposes

If the appraisal is being used by a lender giving a loan on the home, the appraised value will be the lower of market value (what it would sell for on the open market today) and the price you paid for the house if you recently bought it.

An appraisal being used to figure out how much to insure your home for or to determine your property taxes may rely on other factors and arrive at different values. For example, though an appraisal for a home loan evaluates today’s market value, an appraisal for insurance purposes calculates what it would cost to rebuild your home at today’s building material and labor rates, which can result in two different numbers.

Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home will sell for in a specific time period. The price your home will sell for in 30 days may be different than the price your home will sell for in 120 days. Because real estate agents don’t follow the rules appraisers do, there can be variations between CMAs and appraisals on the same home.

3. An appraisal is a snapshot

Home prices shift, and appraised values will shift with those market changes. Your home may be appraised at $150,000 today, but in two months when you refinance or list it for sale, the appraised value could be lower or higher depending on how your market has performed.

4. Appraisals don’t factor in your personal issues

You may have a reason you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors.

5. You can ask for a second opinion

If your home appraisal comes back at a value you believe is too low, you can request that a second appraisal be performed by a different appraiser. You, or potential buyers, if they’ve requested the appraisal, will have to pay for the second appraisal. But it may be worth it to keep the sale from collapsing from a faulty appraisal. On the other hand, the appraisal may be accurate, and it may be a sign that you need to adjust your pricing or the size of the loan you’re refinancing.

Home value vs. offers

by Marsha Marsh

Marsha Marsh
Owner, REALTOR, ABR, CDPE
Office Phone: (814) 866-1865
Office Fax: (814) 866-8631
Cell Phone: (814) 440-8181

How much is your property worth?

by Blog Specialist

With our state-of-the-art interactive MLS property reports, packed with LIVE market information, community and school data, plus charts and graphs - you can gain knowledge and power about your home value and trends in your neighborhood!

Just sign up for a FREE subscription to our customized Market Snapshot reports!

 

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Contact Information

Photo of Name - LIC #RB066549 Real Estate
Name - LIC #RB066549
Marsha Marsh Real Estate Services

Summit/New York Office

8840 Peach Street
Erie PA 16509
814.866.8840
Fax: 814.866.8631

Millcreek Office

4202 W. Ridge Road
Erie PA 16506
814.833.8840
Fax: 814.833.5641

Corry Office

38 E. Columbus Ave
Corry PA 16407
814.833.8840
Fax: 814.664.3977

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