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Posted on Jul 17, 2019

Lake Conroe Appraisals LLC

Part 5 of 5

Using Comparable Sales or “Comps”:

The home’s location and neighborhood also have an impact on its value since Conroe appraisers also use “comparable sales” when finding the value of a home. Comparable sales refer to the prices of homes in the neighborhood that have similar age, size, and construction to the home being appraised and which have been currently sold. Conroe appraisers will chiefly consider the square footage and the number of rooms of the home and compare it to other properties. The comparison should be apples to apples, meaning, residential homes will be compared to other homes and condos are compared to other condos. Appraisers can then make adjustments with these “comps” based on the features and qualities of the subject property. A home can be priced higher if it has more bedrooms, or its value can be lowered if there’s a problem with the roof or its foundation.

Bottom Line

Remember that an appraisal in Conroe is not an exact science but only an opinion of a home’s value based on the comps and the actual condition of the home. In other words, appraisers are looking for any items that can affect the home’s value. The final valuation will be based on real estate market trends, current sale prices, and the specific characteristics of the home. The final appraisal report includes the information used by the appraiser, details about the subject property, and the explanations of the valuation results.
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