Real Estate of Midland presented by REALTOR CONNIE KILLINGBECK of REMAX of Midland

Home Appraisal Information.

Do you understand the difference between a Market Analysis (CMA) vs. a Home Appraisal?

Many homeowners think that an appraisal and a market analysis are the same thing. They are not. Although they are in essence both basically a valuation of a home, there are differences in how that value is figured based on the information they look for.

The Home Appraisal

An appraisal in most cases is done for the benefit of a lender or bank. Even when you are buying a home, the appraisal is really for the bank, not you. It is done to make sure there is enough value in the home to loan the amount of money being requested. They are also used when re-financing your home to get equity out to consolidated your bills, remodel, etc.

An appraisal is figured by concentrating on home sales within a 1/2 mile radius of your home which have sold within the last 6 (six) months. Does the appraised value mean that is what your home would sell for...not necessarily. An appraisal can be higher or lower than the current real estate market value. That is where the market analysis comes in.

Understanding the real estate market

The real estate market is an ever-changing, dynamic force based on economic factors such as supply and demand, changing fashions and tastes, the season, interest rates, and any other socio-economic variable that can affect a community. What a house sold for next door six months ago may not be what yours will sell for today.

The market analysis is an in-depth report that takes into account not only what has sold in your area that is comparable with your home, it also accounts for what buyers are paying right now for properties like yours. This gives you the most accurate indication of what your home should sell for. And when your home is priced right for the current market, it will sell quicker and for the right amount of money.

For more information about a Market Analysis, visit our market analysis page or contact Connie Killingbeck.

If you have any questions or would like help buying or selling your Home, contact Connie Killingbeck
RE/MAX of Midland		Connie Killingbeck (517) 923-4311 Office (800) 311-7997 Toll Free (517) 832-2031 Fax sold@conniekillingbeck.com