Frequently asked questions
What Is Involved with a Home Appraisal?
Whenever it comes time to buy, sell or refinance a home, it's important that all parties have an accurate idea of the home's value. That's why an appraisal is often a required step as part of a larger real estate transaction. Appraisals may not be relevant after a few years, or even a few months, as the changing real estate market can cause home values to fluctuate rapidly.
The purpose of a home appraisal is to determine the fair market value of a home given a wide range of factors. Fair market value refers to the price that a willing buyer and seller are likely to agree upon and does not include special circumstances that may prompt someone to sell a house quickly or buy at an inflated price. Home appraisals help lenders determine how much to allow a homeowner to borrow against home equity. They also inform real estate agents and homeowners of what price to ask when selling a home.
What does it cost for a market appraisal?
It doesn’t cost you anything.
Do I have any obligation to list my property if I have an appraisal?
No there is no obligation. You are free to list your property with whomever you choose or not at all.
I come to your site and talk with you. I answer any questions you may have in relation to appraising your property and the local market conditions. I collect relevant information about your property and its features, so I can give the most accurate appraisal.
How is the appraised price worked out?
Contrary to popular belief, appraising your property has little to do with what consumer information is freely available. If you look closely some properties for sale may be marketed for many months, hundreds of days or even years!
The information that our appraisals are based on are provided with the most recent sales evidence to compare your property to what has been actually sold. The days of plucking the highest figure from the sky to get the listing are numbered. Our appraisals are in writing, so you also can make an informed decision about the most accurate market price of your property based on written evidence.
What is the difference in an appraisal and a property valuation?
Real estate professionals are often asked whether there is a difference between a valuation and appraisal. There is a difference and it is important to know when a formal valuation is required as opposed to obtaining an appraisal.
Appraisals are intended purely as a guide and can be carried out by real estate professionals. Appraisals are estimated by knowledge of the local area and recent sale prices, and they should only ever be used as an estimate of price. They are not definitive and have no legal standing. Appraisals are generally only requested by potential vendors to get a ‘feel' for the local market or by home owners who are just curious. Generally no cost
Valuations A formal valuation can only be conducted by a qualified valuer who has undertaken prescribed education and training in this field, to ensure that they take into account all of the features and issues relating to a particular property. Valuations are required in situations where a definitive value is needed. Reasons for this include a property settlement, obtaining finance from a lending institution, or establishing the value of a deceased estate. You will have a cost associated with this service.