November 2005
Example Article: WHY IS A REAL ESTATE APPRAISAL IMPORTANT?A real estate appraisal is an objective, supported opinion of value of a property made by an experienced real estate agent who has extensive knowledge of the area in which the property is located. If you are considering selling your property, obtaining an appraisal of value is the first step you need to take.
Generally speaking, the value of property is based on recent sales of similar property in the neighbourhood, or surrounding area. Preferably a minimum of three comparable sales should be used to establish value. Ideally, agents will use sales of properties of the same size, age, room count, condition and with similar amenities and external influences. This rarely happens though, so adjustments have to be made based on what people will pay for. These may include extra floor space, bedrooms, a fireplace, recent renovation work, swimming pool, land size, location and so on.
Houses will generally value higher when the outside of the property is well maintained, the property is located in a popular neighbourh o o d , renovations have been undertaken by a professional, the style of the house conforms with others in the area, and there are no anticipated zoning changed which will affect the property in a negative way.
We can provide details of recent sales
�comparables� for similar homes in the area.
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