What?s so important about getting a home appraisal? You?ll be surprised

Posted by Elite Internet Technologies on October 7th, 2016

At face value, a home appraisal looks like a bureaucratic exercise, part of the process of valuing and selling a home. As a matter of fact, it’s a bit more than a valuation, and much more relevant to the market than you might think.

A home appraisal is a full formal market value assessment of the value of a home. It takes into account a range of factors, including market values, condition of the premises, and other nuts and bolts issues.

This is definitely not a “pick a number” exercise. Market appraisals are designed to establish a real market value. Unlike ordinary valuations, these appraisals are meticulous. An appraisals expert is a virtual walking database, able to assess real market values in real time.

If you’re more used to the comparatively sedate world of property valuations, with a bandwidth of prices as the best guess at a sale price, an appraisal may come as a bit of a shock. The property market tends to think in terms of current sales, market trends, and basically projects future prices. An appraisal is almost the exact opposite. Appraisals focus on hard dollar values, and realistic assessments of property issues and potentials.

If you’re getting the impression that appraisals are done too much more stringent standards then the mainstream market, you’re quite right. For example – Say you want an apartment appraisal in Orange County. Instead of the usual best guess, you will get an accurate number, as follows.

All appraisals involve a range of factors:

• IRS property value.
• Local market issues and problems.
• Sale comparisons.
• Premises positives and negatives.

It’s only comparatively recently that the mainstream market has been adopting some of these criteria. The market discovered that the appraisals approach was much better than the property market bandwidth approach, which can be quite misleading. The other big driver for better assessments came from investors, who wanted more reliable data.

A good example of property appraisal services in LA of the company called Irish Appraisal Service, a leading property appraisal service on the West Coast. To see how the appraisal process works, visit their website here at http://www.irishappraisal.com/.That’s why appraisals are so important.