Summary
When you own the Victorian mansion in a neighborhood of ramblers, how do you determine the value of your home? Or if you want to buy that charming Cape Cod cottage in a community filled with imposing brick Colonial-style homes, how do you decide if the owner is asking the right price?
The most common method of determining the value of a home is to look at three to five homes of similar size and condition in the same neighborhood, then raise or lower the value based on the home's particular quality.See the full content of this document
Extract
House Value Can Pose a Real Challenge
Appraisers and Realtors have struggled with appropriately valuing properties throughout their careers, and the fast-paced Washington- area real estate market of recent years has only exacerbated the problem.
When cookie-cutter homes placed in standard subdivisions have wildly different sales prices - even if they have been sold only a few months apart - the job of appraisers to accurately set a value on an unusual home becomes as...See the full content of this document
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