When should you consult an appraiser?

Real Estate Broker/Owner with Real Estate Partners, LLC B 21410

We Realtors are trained to tell our seller clients what a good market price is for their property. In most cases, however, we are not licensed appraisers. But, what if the property is unusual and there are no comparables or not many comparables for it? Or what if it has attributes which may or may not affect market value? Also, there may be things that effect mrket value, but not neccesarily appraised value. Itmes such as colors that are not preferred or flooring/countertops that are not desirable to most people will effect market value. That is where your Realtor comes in to make suggestions based on decor. Now, back to appraisals: What if your home is "Different" from the ones around it that have sold. I've been told by several appraisers that it is acceptable to go outside of the subject neighborhood for comps if there are not sufficient comps in the immediate area. What if you have a 3 cara garage, but all of your neighbors have 2 car garages? What if you have a backyard pool and the neighbros don't? In some neighborhoods backyard pools are considered a liability. In others, its an asset. I recently listed a home with an 8 car garage.It is on acreage. All of the other acreage comps had 3 or 4 car garages. Time to consult an appraiser. What if you have a separate apartment, which is attached, but not accesible from inside the home? Time to consult an appraiser. I could go on and on with scenarios that may or may not effect your value, but, you get the idea. One more thing: people base large part of the value on heated and colled square footage, many times. Which number is accurate? Do not go by the tax rolls, most of the time, they're not even close. Many websites publish estimated square footage that is not close. Floorplans, while being better than other methods are not always accurate either. The appraised square footage is the most accurate measurement. Bear in mind that, if you get 3 appraisers to measure the same house, you'll have 3 different numbers, but they will be close. I hope this information is helpful to you! Steve Houck

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The Judy Wahba Team at Real Estate Partners, LLC

Judy Wahba - Broker/Owner

Steve Houck - REALTOR-Partner
"The Judy Wahba Team"
Real Estate Partners, LLC

Business: 601-942-2683
Fax: 601-956-7618
E-mail: steve@stevehouck.com

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Buying a Home in the Jackson MS Metro or Surrounding Areas??
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