Your Property's Value

Your property's value is predominately determined by its location.  For example, duplicate properties could result in different values depending on its location.  Some factors that influence your property's value are the school district in which it sits, employment opportunities, proximity to area conveniences, etc.

Comparable properties, also called "sale comps" in appraiser parlance, are properties that have recently sold and are locationally, physically, and functionally the most similar to the subject property.  The market is analyzed and adjustments are applied appropriately to each comparable sale in order to equalize the subject property to finalize an estimated market value. 

Keep in mind that adding a pool, storage/workshop, or other features may increase the sell-ability of your property; however, generally, they do not increase the market value in the amount in which they cost.  I refer to this as "preference cost"--the cost for your own personal preference and enjoyment.

The value, or most probable price, a property will sell for in a competitive and open market.  Appraisals completed for personal use will have a suggested range of value offered for sale or purchase, covering aspects of the current market and subject property.