Standard Ways to Determine Home Values
A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value.
Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. Reviewing comparable homes that have sold within the past year along with the listing, or asking price on current homes for sale should prevent you from overpricing your home or underestimating its value.
A certified appraiser can provide an appraisal of a home. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.
You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth.
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Several exclusions from the definition of “higher-risk mortgage” are explained in the proposed rule. The proposed rule would implement the requirements of the statute. It would apply to national banks, federal savings associations, and their respective subsidiaries that originate higher-risk mortgage loans.Home Appraisal
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