Exp Realty LLC
Appraisals are done often in real estate and are a vital part of determining property value. Knowing the basics can be beneficial no matter what stage of property ownership you fall into.
An appraisal is done by a licensed professional to thoroughly examine a property to figure out its value. During the appraisal process, the appraiser inspects the structural quality, comparable local homes for sale on the market, checks for safety hazards and more to determine the property value.
If an appraisal comes back low, do not fret, as there are several options to fix the issue. First, it’s vital to determine the cause of the low appraised value. This may include figuring out if recent data was used in relation to the local comparable properties, if repairs need to be done or if market conditions are at play.
Things such as a hot real estate market can put a strain on local appraisers, so sometimes in these conditions the job is rushed - not giving an accurate estimate.
There are three main appraisal approaches used in the world of real estate. These methods include:
If you feel like an appraisal is incorrect, it’s best to do research on the local market and work closely with an appraiser for the best results.
Have you spent the past 35 years learning all you can about your new home in Brevard County? Do you know which neighborhoods meet your needs? Which school districts are the best? Where you get the most value for your investment and what local infrastructure changes are just around the bend?
Jo Ann does. She has loved this area since moving here over three decades ago. As a qualified realtor and parent, she knows the right questions to ask and can help you find your perfect home regardless of whether you’re a first-time or forever-home buyer. Condos, townhomes, and single family homes on the mainland or luxury homes on our barrier islands, Jo Ann can assist you in making the right choices for your current and long-term residence. And if you decide to rent while looking, she can help with that, too.
With the same dedication Jo Ann has put into training to run half marathons and other short races, she will explain the buying process, answer your questions (over and over if needed), and guide you through the hoops to home ownership. Call or email and let’s get started.