People traditionally turn to either an appraisal or a comparative market analysis when determining a property's value. Appraisers, who must be licensed in Wisconsin, consider numerous factors such as square footage, construction quality, design, floor plan, amenities and energy efficiency. Other issues taken into account are neighborhood quality and a property's proximity to transportation, shopping and schools. Appraisers also look at lot size, topography, view and landscaping. Comparative market analysis is an informal estimate of market value performed by a real estate agent or broker.
Many agents offer a free analysis or property profile in hopes of acquiring a new client.
People also can do their own cost comparison using public records maintained by their county property valuation offices. Private companies, using county records, have found a market selling home owners and potential buyers individually prepared reports comparing similar properties. A seller's advertised or list price should be treated as only a rough estimate of what he or she would like to receive. Some deliberately overprice, while others ask for close to what they hope to get and a few actually under price their houses with hopes that potential buyers will compete and overbid. The appraisal price is another estimate of value.