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-% Talk-In Real Estate

What is my property worth? When a property is being placed on the market for sale, this is prohabh the biggest decision the seller has to make. The best way to determine what your property is worth is to get a professional appraisal done. Appraisers use three methods to determine value. Thev are the Income approach, the Cost approach and the Comparative Market Analysis. The income approaches used for investment and income producing propem and would not be used for Residential Estates and Land. Most appraised use the comparable sales and cost method when they appraise properties Realtors can consult the owners about pricing their properties. The multiple listing database can provide lots of helpful information about solds, and properties which have failed to sell, and properties currently on the market. A full CMA can be produced by the Realtor and given to the Seller. When I am asked to determine what a property is worth, I will do three things: First, I will check the tax assessment. Did you know that the tax assess ment in the year it was assessed is an appraisal? In Virginia, properties are taxed on 100% fair market value. Therefore, the property should he fair market value the year that the assessments are done. Second, I would do a CMA based on information in the Multiple Listing Database, and based . in similar type properties; square footage, bedrooms, baths, acreage, etc. Lastly, and probably most important, 1 would recommend a professional appraisal be done, since the pricing is so important in determining whether a property will sell, or not sell. It is important to get it right the first time. I will often offer to pay half or sometimes all of the cost of having this donejust to be sure that the property is priced right for the market place. If you are thinking of buying or selling, give me a call. / Sam Snead broker gri.crs. crb Locally mimed and managed. Your Hometown Realtors 540-987-9243 • www.samsTieadTyalty.com