Frequently Asked Questions
What is an appraisal?
- An appraisal is an unbiased opinion of value developed by a real estate appraiser. A common type of appraisal assignment is the development of market value. For example, lending institutions order an appraisal to know the market value of a home for collateral evaluation purposes.
Why do I need an appraisal?
- When the value of your home or other real property is being used to make a financial decision, an appraisal can help. If you are selling your home, an appraisal can help you determine an appropriate asking price. If you are buying a home, it can ensure that you are not overpaying. If you are involved with an estate settlement or divorce, it can assist in dividing the property fairly. A home or investment property are often the largest asset of a person, so knowing the true value means you can make the right financial decisions.
Is an appraisal the same as a home inspection?
- No, a real estate appraiser and a home inspector are not the same. Appraisers develop the market value of a property based on factors like location, condition, and comparable sales. Home inspectors evaluates the condition of a home, checking for issues like structural problems, plumbing, and electrical systems. In other words, appraisers primarily focus on value while inspectors primarily focus on the home's physical condition.
How long does an appraisal take?
- The appraisal site visit typically takes 30 minutes to one hour for the inspection, but the entire process, including report preparation, can take a few days to well over a week depending on complexities and availability.
What factors affect a property's appraised value?
- Location, quality, condition, size, improvements, and recent comparable property sales are common things that influence the appraised value.
Can the appraiser’s opinion of value differ from the tax assessor’s value?
- Yes, the appraised value can differ from the assessed value used for property taxes because they are calculated for different purposes. Additionally, the assessed value is based on mass appraisal guidelines while our appraised value is based the development of market value on your property specifically (interior site visit, etc).
How much does an appraisal cost?
- The cost of an appraisal depends on its purpose, use, and other complexities (size, distance, availability of data, etc). A typical single family residential appraisal costs $600-$750. The cost of commercial and land appraisals can vary drastically. Give us a call for a quote.