Lorie Trump 406-860-2902

Buying Your Home - Appraisals & Market Value

What is the return on new versus previously owned homes?
Buying into a new-home ; increased value depends upon certain factors: Quality of the neighborhood, growth in the local housing market and the state of the overall economy.  

What's a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property's value, most people turn to either 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. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $400-600.  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. I will complete  a comparative market analysis for free!!!!!   Our Billings CMA is based on current sales, closed sales, sales pending and contingent in the area of your home or the home you want to buy. I can also complete a market analysis  on bare land, ranch, multi family residence etc.. Love to help you find the current value of your property!!

I normally complete some paper work on the local area and then have to visit the property  that you need a market analysis on. Usually takes me a day to get back to you on a CMA . 

 Lorie Trump 860-2902

What standards do appraisers use to estimate value?

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 200 W. Madison, Suite 1500, Chicago, IL 60606, 7 a.m. - 5 p.m. CT; (756-4624).

Can I find out the value of my home through the Internet?
 A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce official appraisals. They also don't factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.  So... just have me complete a free market analysis for you. 860-2902 I have all the current sales in any area, sold, contingent, pending . It changes daily. I can help you with all of this.  Also you can get home values surrounding your property on this site. Under neighborhood home report.

What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, that the realtor completed on a market analysis.   To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer has "paid"  for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

What are the standard ways of finding out how much a home is worth?
A comparative market analysis and an appraisal are the standard methods for determining a home's value. I am more than happy to  provide a comparative market analysis FREE!!!    I provide  listing prices of current homes on the market as well as those that have sold. 

An appraisal, which generally costs $400-600 perform, is a certified appraiser's opinion of the value of a home at any given time.   Normally a lender orders this for you when you actually begin to purchase a home. It belongs to the buyer  ordered by the bank.  Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.  The appraisal is paid for by you and belongs to you. It should provide you the most accurate price .  They can be purchased by a buyer for a sale, normally the figures are good for about 6 months. For more details talk to your lender on appraisals. 

What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $400- 600.  Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Lorie Trump
Lorie Trump
1925 Grand Ave #110 Billings MT 59102