Once comps are chosen, the appraiser will look closer and compare your home to each one individually. They may all be 3 bedroom ranch homes but the value changes with the smaller differences. You may live on a quiet side street and have an extra bath making yours more valuable than the home on Main St. with one bath. The appraiser adds or subtracts value from the sales price of the home being compared and, when all the adjustments are made, averages the adjusted prices to get a final figure.
If you have any other questions, feel free to email me. I am a REALTOR in Collegeville and am familiar with the area.
Donna Saylor & Carolyn Mitchell
The Power of TWO!
GMAC Real Estate/ Premier Network
STOP!!!! The best home equity loan is done with a NEW FULL APPRAISAL. In most cases the bank/lender will even pay for it and ALL OTHER COSTS.
Please call me or email through my website for a NO COST CONSULTATION.
All the answers given above are right on the money! I live in Regents Park, off Trooper so am very familiar with wjat is happening in our area.
The appraiser should not pull comps from 19401, so those prices should not affect you valuation. With the variety of price ranges in 19403 and like one of my collegues mentioned the wide area covered by 19403, the two school districts, the three townships amd more... It would be worth the price of a free phone call to talk to an experienced LOCAL agent to go deeper into details.
Pd:I now that you are refinance but if in the future or any friend and family has a question about Real estate do not hesitate to contact me.