However, there are more dynamics at work in the market value determination of a property. There are two manners in which a property's value may be estimated. Most rely upon an appraisal or a comparative market analysis. An appraisal is a certified appraiser's estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools and recent comparative sells.
Appraisers also take lot size, topography, view and landscaping into account.
A comparative market analysis is a real estate broker's or agent's informal estimate of a home's market value, based on sales of comparable homes in a neighborhood, market trends, lending rates, supply and demand, and many of the factors that appraisers base their estimates. Before settling upon either the appraiser's estimate or agent's comparative market analysis, make sure you are comfortable with this estimate. Either estimate can be proven faulty in my own experiences and different appraisers may arrive at totally different estimates as may different realestate agents. Check with a real estate agent to determine the current selling price of homes in your area. Real estate firms generally run recent sale comps via MLS in the surrounding areas.