What Is Home Appraisal?

A home appraisal is an estimate of the fair market value of a home. The home being appraised is called targeted property. 

 

How To Perform A Home Appraisal?

The home appraisal is usually based on the recent sales price for similar properties in the neighborhood. These properties are called referent properties. The sales price of referent properties will be modified depending on the difference between targeted property and referent properties. For example, if the referent properties have some amenities (e.g., garage) that the targeted property does not have, the sales price of the referent properties will be reduced to reflect the value of the targeted property. 

 

Who Can Perform the Home Appraisal?

Theoretically speaking, anybody can perform the home appraisal. The question is how accurate one can perform. 

 

Why Ask Dr. Wu Home Research For Help?

We make efforts to increase the accuracy of the report.

 

1. We use the most updated data. While everyone has access to sales data via tax records or websites such as zillow.com or trulia.com, the information on those websites are outdated. In a fast-changing market now, using old information can significantly bias a person's perception of the market. Our dataset updates twice per single day, which enables us to use the sales price of a house that went under contract TODAY.

 

2. We perform scientific research to determine the value of amenities. For example, to estimate the value of a garage, we collect the sales price of thousands of houses with a garage and the sales price of similar thousands of houses without a garage. Then, we use regression, ACOVA, and other statistic techniques to estimate the value of the garage. Such results are submitted to scientific journals for third-party validation.

 

What Report Do I Get from Dr. Wu Home Research?

We try to make our report one stop shop for all. So in our report, we usually include:

1. Home Value Appraisal. A Comparison between Targeted Property and Referent Properties.

2. Market trends in the neighborhood.

3. Other important information of the neighborhood such as school information, local demographics etc.

 

Contact Us for Your Free Home Report!