REAL ESTATE APPRAISER
One of the most important parts of the sales process of your house is determining the fair market value. A price that meets your sales needs and gets the job done in a reasonable amount of time. We can accomplish that with a market analysis and an appraisal. Normally we start with a market analysis of the most recent sales of homes in your immediate area.
In simple terms, a real estate market analysis lets you and your real estate agent know how much similar properties to yours in the same geographic area are selling for, while a real estate appraisal is the value your individual property has, according to a professional appraiser. The appraisal is the figure the lender will use to determine how large of a loan it is willing to fund for you to buy the property.
To be as accurate as possible, they both need certain information, including the basics such as the square footage of the building, its condition, how many floors, bathrooms and bedrooms it has and whether or not it has a pool. In addition, for the analysis especially, but also something the appraiser should consider, the geographic area is included because location helps drive value.
Another difference between the two is that one uses surrounding properties on the market to help determine value, while the other does not. The market analysis depends heavily on how much like properties nearby are being sold for. This process is called a real estate comparative. It is important to compare only to those with similar square footage and other features such as the number of bedrooms. In an individual appraisal, what the surrounding properties go for counts, but only in a marginal way. The appraisal depends more heavily on the features and condition of that one address.