You always hear them talk about it property value is on a constant rise. This given, you are aware that your home is now more valuable than before. You are aware that it is now mortgaged under its current value.
Available Options
Now you want to know its estimated value. But you dont know where to go and from what you heard, an appraisal analysis is generally expensive. Now youre wondering if there is any other option left.
Yes, there is. You can try a comparative market analysis. Its much cheaper than an appraisal. Now whats the difference between the two?
The Difference between an Appraisal and a Comparative Market Analysis
An appraisal is a calculation of your homes value at a specific time and is done by a certified appraiser. When determining your homes approximate value, the appraiser takes into account the land area in square footage, your homes design, the quality of construction, and the location of your home. The appraiser also considers the neighborhood, the availability of transportation, and schools and commercial areas, as well as the landscaping and view.
A comparative market analysis, on the other hand, is a more...
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