Besides using cost-per-sf, how else can we determine the approximate value of a home?
The appraisers have a book of formulas and guidelines, but did you know that they are given the sales price before they go out to appraise? They use their book’s guidelines to show that the sales price is close enough to the approximate value – it is an inexact science.
It’s important to be able to identify the things that affect a home’s value, and secondly, be able to put an approximate dollar amount on them. This video gives some examples, and assigns values in 5% and 10% increments – I don’t think it has to be any more complicated than that, because real estate appraisal/valuation is……an approximation: