Home values in Houston are determined in a variety of ways using different methods. There is no one "best way" to calculate a home or house value. Traditionally, there are two common methods for determining home value, appraisals and comparative market analysis.
An appraisal is an estimate of home value on the open market. Appraisals are written by experienced appraisers that estimate value based on a property's type and condition, location, size, construction quality and comparative sales of other homes in the area. An appraisal usually will cost between $250-$500 for most homes.
Comparative market analysis is an informal estimate of a house or home value performed by a realtor. It is based on a comparison of recent sales of other homes in the area. Generally the estimate will state a range of values including probable market value. Many realtors offer a free comparative market analysis in hopes of acquiring a new client.
A table of annual median home prices in Houston can be found by clicking here.
Home Values are Usually Determined by an Evaluation of:
Sale Price History
Recent sale prices of homes are available through local county courthouses, recorder's offices and area realtors. Trends in appreciation or depreciation on area homes are to be noted.
This includes the number of bedrooms and bathrooms, size in terms of square footage, type of exterior construction, number of floors and other characteristics. Some of this information is available in tax assessor's offices and through national data vendors.
Similar Home Prices
Should you choose to use a realtor, he or she can obtain sale prices of comparable homes in the neighborhood.
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