Austin Real Estate - Determining Home Value

Individuals continually have a different view on the value of real estate in the Austin area. Some people feel that the homes are over-priced while others believe that many properties are undervalued. Ultimately, the value of a property is worth what someone will pay for it. To determine the value of a property, most people turn to either a real estate appraiser for an appraisal or to a real estate agent who can provide a Comparative Market Analysis on one or more properties.

Real Estate Appraisal Services

An appraisal is a certified appraiser's estimate of a property at a given point in time. Real estate appraisers take into account the following when providing an appraisal for homes: square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. They also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.

A comparative Austin real estate market analysis is a broker's or agent's informal estimate of a home's market value, based on sales of comparable Austin homes in a neighborhood. Most real estate agents will give you a comparative market analysis for free.

You can do your own cost comparison by looking up recent sales of comparable homes and properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.