For you to determine the appraisal value of your house, you have to use comps or the comparables. The real value of your home will be determined by factors such as the location of the home, recently sold houses in the neighborhood, the age of the house, the square footage and so on. People will need to look at the CMA or the comparative market analysis to determine the appraised value of a home. It is easy for you to determine the real value of your home. There are a number of ways to do this:
Use appraisers and agents
An appraiser and an agent can determine the comps of your home by considering a number of items. They can look at the MLS or the Multiple Listing Service. For the residents of Hudson County and Bergen County in NJ, they can access these agents and appraisers and have these factors determined for them. what happens here is that the Agents and appraisers will have access to the local database of the properties that are listed for sale. They also have access to the database of the properties that are being sold or pending, as well as properties that have already been sold in a particular area.
For instance, the agents and Appraisers have data on all the homes sold in Hoboken, Hudson country for instance. The residents of Little Ferry in Bergen County can also have access to this data through their agents and appraisers.
How to determine your house value through Comps
In determining the comparative value of your home, you should consider the features of your home. If you are selling a 3 bedroom house in your neighborhood, you should compare the sale price of such houses for the last six months. Look at three similar houses that have been sold previously in the last six months. Compare the features of these houses such as garages, pools, square footage and so on. Compensate for the differences between your home and these three and this will be a simplistic way to determine the value of your home.
Regardless of your location, there are online tools and resources that can help you to determine the true value of your home. These tools are fairly accurate and reliable when used with the data from realtors, agents and appraisers. Finding the comparable data for your home is easy through the internet. You will find this information from online resource websites. These house value sites are Zillows, Trulia, Redfin among others. Other than these free value sites, you should also find information on local comps through the pay value sites like Home Smart Reports and Real Quest.