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Who Can Tell me what My Home is Worth - Appraiser or Real Estate Agent?

If you’re a homeowner putting your house on the market you should be as knowledgeable as possible about its worth before putting a price tag on it. For that purpose, the most accurate statistic is the home’s “market value.” Homes can be compared based on their replacement value, which is the cost of buying the lot and building the home today. Some people look at what they paid for the house and try to compute a present value that way.

But the true worth of the home is established by what buyers are willing to pay for it, and that is established by looking at recent sales of similar homes in your neighborhood or at sales of similar homes in similar, nearby neighborhoods. A real estate agent can provide you with a list of “comps;” that is, comparable sales of similar homes in the area. The agent might even through in a general analysis of your home’s condition. However for a full and accurate assessment of your home, you are better off turning to a professional appraiser.

There are a number of reasons for making this effort. The first is that appraisers are trained - and bound by the terms of their license - to be impartial. Most realtors probably attempt to be impartial as well, but there is a tendency in the industry for people who stand to make a substantial sum on the transaction to tell you what you want to hear. Under the terms of the standardized requirements for an appraisal, the appraiser is going to do a thorough inspection of your home.

The inspection is, of course, going to address whatever imperfections or signs of wear that your home might have. But it will also rate major features such as appliances, landscaping, roof condition and other important components as fair, good, excellent, etc. That means you may have a number of positive attributes for your home that can be used in establishing its worth.

An appraiser will also photograph your house and every house that he uses for a “comp.” He will attempt to learn as much as possible about the conditions of those homes when they sold. A licensed appraiser is going to give you an accurate and thorough evaluation of your home - and give you some confidence when you put your asking price out for listing.

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