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How is an appraisal value determined?

Updated: Oct 30, 2021

Our team has decades of experience to ensure that your appraisal is the most accurate. To get a value of a given property, it all starts with an inspection.


It all starts with an inspection


Our appraisers inspect the property to determine the actual status of that property. We view all of the features of your property, including the number of bedrooms, bathrooms, location, and so on. Our inspection ensures that they exist and are in a condition a reasonable buyer would expect them to be. Most importantly, we look for any features or defects that would affect the property's value. Lastly, we will confirm the square footage of the property.


Our appraisers know the neighborhoods in which they work. They understand the value of certain features to the residents throughout North Carolina and South Carolina. Our team researches recent sales in the vicinity and finds properties that are "comparable" to the property in question. These "comparable" properties are considered in the appraisal.


Our appraisers combine information from all approaches to ensure the most accurate value of every property. Although the appraised amount is the best indication of a property is worth, it may not be the sales price.


There are mitigating factors such as the current real estate market, urgency, or "bidding wars" that influence the price in today's world. However, the appraised value is used as a guideline for lenders to ensure they do not loan a buyer more money than what the property is worth. No matter your situation,


Other Considerations


There are always mitigating factors such as seller motivation, urgency, or ''bidding wars'' that may adjust the final price up or down. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money than the property is actually worth.


Our appraisers will help you get the most accurate property value to make the most informed real estate decisions.

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kevin@mainstreetappraisals.com

Tel: 336-228-0624

 

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