Real Estate appraisers evaluate a number of issues to determine a home's value. They look at condition, location, amenities,size, floor plan, and comparable sales that have closed within the last 6 months.
A good comparable sale is a home that most closely resembles yours in all of the above catagories.
The fact that a home sold in your area does not necessairly make it a good comp.
By making adjustments for the difference in the various comps the appraiser is able to braket a vlaue.
Comments
average sq foot homes...and same style.
then they see if you have the same amount of baths/bedrooms.....if it has a fireplace, and other amenities.
they normally compare it to 3homes that were sold in the last 6months...
Real Estate appraisers evaluate a number of issues to determine a home's value. They look at condition, location, amenities,size, floor plan, and comparable sales that have closed within the last 6 months.
A good comparable sale is a home that most closely resembles yours in all of the above catagories.
The fact that a home sold in your area does not necessairly make it a good comp.
By making adjustments for the difference in the various comps the appraiser is able to braket a vlaue.