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APPRAISING THE APPRAISAL
All of us want to sell our property for the highest dollar possible. In order to determine the current market value of your home, you will probably engage the services of a professional. This professional may be your local Realtor, a fee appraiser, or an appraiser who represents a mortgage lender. The evaluation of a person’s property is often an opportunity for conflicts between the homeowner and the appraising party. Let’s look at how these conflicts arise:
We often use our opinion of the value of our home on hearsay concerning the selling price of other homes in the neighborhood. Some of this hearsay evidence is not entirely accurate. Human nature being what it is, some people are too tempted to exaggerate when relating the story of their “fabulous real estate deal.”
Another opportunity for an inaccurate comparison is when we compare the selling price of a home that has very similar features but was sold in a dissimilar market environment. The market factors that greatly affect the selling price of a home are general economic conditions, local economic conditions, interest rates, the number of homes “for sale”, and the number of qualified buyers actively looking to purchase a home. If any of these market factors are materially different at the time your home and the comparison home are sold, the selling prices will differ.
You may think you are comparing like-to-like when you really aren’t. A little thing like an extra bath or built-ins in the kitchen can make a difference in desirability and selling price. The school system where the house is located, the condition of the home or the choice of decor all contribute to the price. Another important impact on the sales prices is the financing available on both homes. Floor plan, number of bedrooms, and the condition of adjoining homes also affect the comparison.
I hope you find this information helpful when having your home appraised.
Reproduced with permission
BY: Thomas Ervin
About Jeremy Callahan-- Jeremy is a real estate consultant, and team leader of the Callahan Real Estate Group. A graduate from UT-Chattanooga in Communication and Marketing, he brings a high level....