Ulster County Board of Realtors hosted an Appraiser Panel Breakfast today. The panel of local appraisers answered questions from the Realtors that attended. The informational meeting was a pleasant exchange.
Often there is confusion over the appraisal, a Comparative Market Analysis, and the assessment confusing buyers. The appraisal is most often ordered by the lender and paid for by the buyer. The difference between the appraisal and BPO was discussed.
An appraisal is the value of a property based the property being exposed to the market for 6 months. A Comparative Market Analysis is based on the value of the property in the market today.
When asked what is the first consideration in that the appraiser looks at in addition to location the appraisers rely on price per square feet of area similar properties.
The local Ulster County Real Estate Professionals enjoyed sitting together away from the field and discussing the challenges faced in the market. The good news was that the appraisers all had a positive view of the market feeling that there is a gradual increase in activity in the market.
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