What’s my Margate or Ventnor home worth? That’s a common question that Sherri Lilienfeld of Apex Prime Realty in Ventnor gets almost every day. So let’s take a look at how a Jersey Shore home gets a price tag.
So, what’s my Margate, Ventnor or Longport 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.
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.
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 $200 to $300. Market value is what price the house will bring at a given point in time.
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 $300.
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.
Most agents like Sherri Lilienfeld of Apex Prime Realty in Ventnor will give you a comparative market analysis for free.
How is a home’s value determined?
An appraisal is a professional estimate of a property’s market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes.
Apex Prime Realty in Ventnor offers this free analysis.
Sherri Lilienfeld is the Broker of Record of Apex Prime Realty
- 6601 Ventnor Ave, Suite 3-G
- Ventnor, NJ 08406
- Office: (609) 487-9996
Cell: (609) 287-1795
Fax: (609) 939-0792