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Changes in home appraising field


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The home appraising field is in a state of transition, as more home sellers and buyers rely on brokers to help establish current market values (usually by researching sales prices of comparable properties) or using home value generating Web sites on the Internet.Typically, when a broker solicits a home listing, he or she will provide the owner with a “market analysis report.” This includes a list of comparable properties in the area that were recently sold, and their sales prices. This is often the primary input for determining the asking price for the property. Some owners go to various Web sites that claim to provide current values for homes in most areas of the country.One such site – Zillow.com – not only provides estimated values but aerial photos of neighborhoods where the property is located, and charts that show value fluctuations over the past week and year. It should be noted that although the Zillow.com data is quite complete in most areas, a few states such as Indiana, Texas and Louisiana, are left out due to their nondisclosure state laws.Now that home sales are becoming more sluggish and properties remain on the market longer before a sale is consummated, homeowners are looking for ways to make their property more salable. One trend is to obtain a comprehensive report from a professional local appraiser before placing the home on the market. It’s costly, but offers significant advantages. This provides the owner and prospective buyer with a complete and credible report on the current market value of the home, thus expediting a decision to purchase the property.
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