When owners or potential buyers want to determine what a property is worth in the current market, they hire a licensed appraiser. This comes to a determination based on the history of what a buyer willing for a similar property would pay. Another way to evaluate the estimated value of a house is to contact a real estate agent and request a comparative analysis of the property market. But keep in mind that a real estate agent is not a licensed appraiser. In many states, it is only legal for an agent to offer his opinion (in the form of a comparative analysis of the property) when he considers including the house on his list, or helping a buyer determine if an offer is reasonable.
Identify comparable properties sold in the last six months.
If the specific property (the house evaluated) is located on a road with houses of similar construction, locate comparable properties in that neighborhood, or have similar plans.
If the property is not located on a road, locate comparable properties within a radius of half a mile (600 m). If there are none, expand your radio.
Look for comparable properties with a similar style, feet or square meters (about 200 square feet (60 m2)), age and type of garage for your property.
Narrow your search for comparable properties from three to five, choosing those that best match yours. The recently sold price range indicates the value range of your property.
If a comparable property and yours differ in the following amenities, you will need to make adjustments to the estimated value: swimming pool, fenced garden, extra garage, landscape architecture, granite kitchen counters, tile floor, antique, feet or square meters, state, custom floor, views, total size, roof type and custom kitchen cabinets.
A pool can add or reduce the value of the property, depending on the condition of the property and its location.