John Beckett's Real Estate Blog

The question this week was how home values are determined, so here are a few ways to estimate a homes value:

BPO: Broker Price Opinion

CMA: Comparative Market Analysis

Appraisal: 1).  A ”defensible” and carefully documented opinion of value most commonly derived using recent sales of comparable properties by a licensed, professional appraiser. 2).   A statement of value or estimation of the value of a property as of a certain date conducted by a disinterested person with suitable qualifications.  Generally, value for single family properties is based upon a review of recent market activity using sales of comparable properties as a basis and then making value adjustments based upon the comparison of comparable property to the subject property.

Value Analysis: The estimation of the present worth of the future benefits to be derived from a investment in property.