For Sale By Owner FSBO Advertising™ - Homes For Sale By Owner. Sell Home FSBO with No Commission or
use the Realtors Fixed Fee MLS Services to Minimize home selling cost.
Live For Sale By Owner Support!
Home Search Homes List FSBO List In MLS Seller Log In Buyer Log In Art Cars Horses Land

Articles by Real Estate Professionals
Appraisers Home Pricing Tips

In addition to their Articles dealing generally with the nature of their services, the real estate professionals will discuss different specific "Topics" of interest to buyers and sellers from time to time.  These articles are indexed in the Articles Library for your review.

Author, Jay Westrick is Manager of the Residential Appraisal Department at O’Connor & Associates. He is a Texas State Certified real estate appraiser. (Lic. #Tx 1327601-R). You may contact the O’Connor & Associates Residential Appraisal Department at (713) 686-9955.

HINTS ON PRICING A HOME

 The most common way to price a home for sale is to calculate a sales price per square foot. The typical data source for the square footage of a property’s living area can be obtained from the local appraisal district. This information is often reasonably accurate; however, those records are sometimes in error. In some instances, these errors can be as much as 10% or more.

To calculate a price per square foot, the sales price of a home that recently sold in the same subdivision or immediate area is divided by the square footage of the living area. Once again, the square footage for properties is likely from the appraisal district. Pricing homes on this basis is simple but may tend to ignore features in your property, such as an oversized lot, quality of construction, a larger than typical garage, etc. The data provided on the MLS service does not provide the sketch from the county records. Having the sketch of the property would allow comparison to the home for accuracy.

How can erroneous prices per square foot be avoided? Either measure your home personally or have someone experienced in measuring homes do it for you. If you have the plans to your home, they can be a source of reliable data. A trip to the local appraisal district for a copy of the sketch also could be useful.

Typically, an appraiser will value a home based on a personal visit, which includes a measurement of the residence. Both exterior and interior observations are made in order to complete a detailed report. The report includes items, such as lot, living area and garage size. Other details listed would be interior finish items, kitchen appliances, floor coverings, ceiling fans, fireplace(s), heating and cooling equipment, room count (including the number of bedrooms and baths), exterior decks, etc. Then the appraiser makes a comparison of these major components of the home to other recent sales in the neighborhood. He or she usually has access to a database which provides square footage data based on the appraisal reports from other appraisers. That footage data is usually based on personal measurements which local appraisers use to verify the local appraisal district information. Appraisers use this data when comparing square footage between the home being appraised and the sales data being used for value estimation.

The difference between an appraisal and the pricing process used by most real estate agents is the extent of verification involved in the detailed appraisal report.

Back To Top

 

 

Live For Sale By Owner Support
FSBO Advertising Service, Inc., In Business Since 1984
Copyright 1984 - 2015 FSBOAdvertising ™, All rights reserved.
Terms Of Use | Home Loans | Search For Foreclosures | Privacy Policy

National For Sale By Owner Real Estate Classifieds, sell home or land FSBO and Save!
Home Selling | Buying a Home | Buy Owner | MLS Listings
Cars For Sale | Homes For Sale | Horses For Sale
Site Index | For Sale By Owner Real Estate Classifieds | Real Estate Yard Signs