• Menu
    3042620800
    info@primelocationrealty.com
  • Home
  • About Us
  • Contact Us
  • Privacy

Prime Location Realty, LLCPrime Location Realty, LLC

Virginia and West Virginia Real Estate Listings

  • Our REO Services
  • Find My Perfect Home
  • Highlighted Communities
  • Homes For Sale – Select by City
  • Selling Your Home
  • Submit an Offer

Appraisal and Market Value

Are there standard ways to determine how much a home is worth?

Yes. A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home’s value.
Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from overpaying.
A certified appraiser can provide an appraisal of a home. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.
Lenders normally require an appraisal – which runs between $200 to $300 – before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.
You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth.
 

How do you determine how much a home is worth?

The short answer: a home is ultimately worth what is paid for it. Everything else is really an estimate of value. Take, for example, a hot seller’s market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell above and beyond the asking price as buyers bid up the price. The fair market value, or worth, is established when “a meeting of the minds” between the buyer and the seller takes place.
 

What is the difference between list price and sales price?

The list price is a seller’s advertised price, or asking price, for a home. It is a rough estimate of what the seller wants to complete a home sale. A seller can price high, low – (which seldom happens), or very close to the amount they want to get. A good way to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area.
The sales price is the actual amount a home sells for.
 

  • Is there anything you want us to know about this home or you before we contact you about this property valuation?
    We're so glad you are allowing us to help you with your real estate needs. Give us a bit more info so we can get right back to you
Search for:
  • Our REO Services
  • Initial Assigment
  • Marketing
  • Occupied Properties
  • Property Preservation & Maintenance
  • Preparation for Listing & Marketing
  • USDA & Rural Development

Buyer’s Guide & Tips to Prep

  • Buying Your Next Home
  • First things First
  • Appraisal and Market Value
  • Information about buying foreclosures
  • Home Inspections Information
  • Insurance Tips & Information
  • Property Taxes
  • Negotiating & Closing the Best Deal Advice
  • Closing Costs

More information

  • FEATURED LISTINGS
  • Find My Perfect Home
  • SUBMIT AN OFFER

Unexpected tips

  • Move Out Cleaning Checklist
  • When you move into your new home.

Contact Us

Prime Location Realty, LLC
304-262-0800
877-817-7463
724A Foxcroft Ave.
Martinsburg, WV 25401

Michelle Garrett, Broker/Owner
Broker License Information:
WV – 0007685
VA – 0225095587

Did you enjoy working with us?

review us on Google.  review us on Facebook
© 2021 · home · Privacy
Log in