APPRAISERS, DO YOU APPRAISE HOMES BY THE SQUARE FOOTAGE ONLY?

Maybe I'm wrong,  but  shouldn't homes be appraised by more than just square footage?.  Is  there not a difference in a  2500 sq. ft. home with an 8/12 pitch, and a home with a 12/12 pitch! 

 A  home with 10' and 12' ceilings should appraise for more than a home with 8' ceilings, don't you think?  I know it does on the cost approach, but on the comparables, shouldn't you find a comp with a higher pitch and higher ceilings?

Also, a pier and beam home that has closed piers should be higher that one with open piers. You are not comparing apples to apples when you  don't make these adjustments.  There should be a difference in a home with vinyl in the gables and a home with brick in the gables.

Below are some more things that should obtain a higher appraisal"

                          1. extensive landscaping vs. one bed with 5 plants.

                          2. expensive lighting vs. cheap lighting, ( you can tell the difference)

                          3. walk in tile shower vs. shower/tub combo

                          4. wood cabinetry vs. particle board or OSB

                          5. granite countertops vs. faux marble

There are many more things I could list, but these are a few.  Maybe, I just don't understand the appraisal system, but I think these things have merit.  What say you?

 
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6 Comments on APPRAISERS, DO YOU APPRAISE HOMES BY THE SQUARE FOOTAGE ONLY?

I think appraisers have a standard form that doesn't always allow for all the extraa. Appraisals are going to start to fall short with the decline in prices. I see that coming soon.

04/24/2008 02:21 PM by Patrick Lambert (Century 21 All Islands)

I couldn't agree more! The appraisal system is sometimes very frustrating when it falls short due to lack of dilligence in exactly the items you stated above. I have had three sales fall through in the past three years I've been in the business, in my opinion from inexperienced appraisers.

04/24/2008 10:17 PM by Jennifer Davis (RE/MAX Advantage)

Patrick,

A loaded 2000 square foot home and a plain 2000 square foot home should not have the same value.  It's like buying a car, a loaded one cost more.  I don't understand how it could be any differenct.  Thanks for the response.

04/25/2008 11:59 AM by Mary Paul, ABR,CRS,GRI, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

Jennifer,

Thanks for the response.  I just can't figure out how they appraise two homes the same, when one is cheaply built and the other has all the bells and whistles.

04/25/2008 12:00 PM by Mary Paul, ABR,CRS,GRI, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

You two builder's wives are right.  Quality should be measurable.

04/25/2008 02:27 PM by Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage)

Barbara,

Thanks for realizing the importance of quality in homes.  I think homes should be appraised with more than just square footage.

05/06/2008 01:36 PM by Mary Paul, ABR,CRS,GRI, SEARCY, AR RE/MAX (RE/MAX Advantage Realtors)

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