Comments on: What factors determine a home’s value when it is appaised?

By: Hope W

Hope W — Sat, 13 Feb 2010 08:52:59 +0000

There are many things that matter when a house is appraised. A lot of times, appraisors get the price wrong...they are only human. I would look at the condition of the house, bedrooms, bathrooms, sqare footage, acres, and tha area. If you think that you could resell the house for that price or more, then it is a fine deal. If houses aren't selling in that neighborhood, I would rethink this. Talk to som, neighbors and see what they bought their house for or look other neighborhood houses up online. A house in an "as is" state should also have a discount because if anything major goes wrong after the purchase date, you will be responsible.
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By: kadisciples

kadisciples — Sat, 13 Feb 2010 08:26:59 +0000

Typically the value is established using recent sales price of homes in the area that are similiar in design, sq footage, age, etc. So if not many homes of that type have sold recently, they have less homes to compare prices with. Also, if others in the area with similiar homes accepted a low offer on a house, that effect others in the area trying to sell there house.

Age does matter to a point. If there’s a less demand for older homes this drives the price down.

For the record, I own a 1929 house and I love it. It’s a pain to work on, but I love the style and craftmanship of a well built home.
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Friends with Realtors

By: Tucci

Tucci — Sat, 13 Feb 2010 07:44:59 +0000

Everything matters in the value of a home. Key points impacting value:

The age of the house
Age of the house relitive to other homes in the area
Condition of the house
Flexibility of room usage
General Marketability – if it is a big family neighborhood and this house is not condusive to family life or if families are your primary buyers and the neighborhood is filled with bikers and party animals, etc…
The property – is it usable
The position of the house on the property
Taxes – based on value and size…if your lot is 20X the size of most other lots…
Look of the house – does it fit in the neighborhood

There are so many things that impact the value of a property. If it is only off by 10K, have another apprasial.
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