A Local Appraiser is an Invaluable Ally. No Lie!
Recently, on a Facebook group, the question was asked, "Who is responsible for pricing a property right?" I am happy to provide an answer.
First, here's some appraisal information based on my experience:
Local appraisers have a more thorough understanding of the market than an out-of-area professional. They are familiar with neighborhood nuances, amenities and the value of specific upgrades. This allows for an accurate number that goes beyond calculating square footage, numbers of bedrooms or garage space.
An appraiser who works in the same market daily often has access to information not available on the MLS. This could include pending sales that haven't closed yet, FSBO stats or current buyer demand. This helps to avoid using comparisons like short sales or foreclosures as comps for new construction or high-end remodels.
My Answer to the above question:
The listing agent is ultimately responsible for pricing a listing correctly by analyzing the market, pulling comps and advising the seller on a price that attracts buyers. Though potential appraisal issues can occur once an offered is received, there are options. The appraiser's role is to provide an unbiased valuation.
Despite what some cynical agents may claim, appraisers do not control the market and will not sabotage the sale just because they can. They have too much riding on being ethical, their reputation in the community and remaining in business.
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