Appraisals play a major role in all real estate transactions. A home appraisal is an evaluation done by a certified appraiser where they calculate the market value of your home based on square footage, features and location.

There are two common sales approaches that are used in the residential market. The most common is the sales Comparison Approach, which is a method where the appraiser estimates property market value by comparing it to similar properties. The second is the cost approach, most commonly used with new properties. In this method, the build costs are taken into consideration and the appraisers estimates what it would cost to replace the property if it were to be destroyed.

What You’ll See on a Residential Appraisal Report:

  • Details about the property as well as side-by-side comparisons with three similar properties.
  • Information on the type of property
  • An evaluation of the overall local real estate market
  • Details on any issues the appraiser feels are harmful to the value of the property, such as poor street access
  • Notes about any serious flaws, such as a cracked foundation
  • An average sales time estimate

If you’re interested in learning more about appraisals or if you have any other questions about the buying or selling process, please don’t hesitate to reach out to me.







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How To Handle Offers

How To Handle Offers

September 18, 2017

You obviously have experience purchasing a home. But you may not have had an opportunity, yet, to be on the other side of the transaction: putting your house on the market and entertaining offers.

Offers, in particular, can intimidate first time sellers (even those who have bought and sold a few times). After all, the stakes are high. If you don’t accept the offer, deciding to counter-offer instead, the buyer may lose interest. If you take the offer, you may do so at a lower price than you could have otherwise negotiated.

Let your REALTOR® help you steer clear of both those dangers.

An offer is typically presented by the buyer’s REALTOR®, who will give you the proposed price. He or she will also explain any conditions, such as “conditional on a satisfactory home inspection”. Regardless of the conditions, always ask if the buyer has arranged for a pre-approved mortgage.

Now comes the tricky part. Do you accept the offer, reject it, or counter-offer? As your REALTOR® we can work together to ensure you make the right move. Ultimately, your goal is to sell your house for a price that is comparable to what similar homes in the area have sold for recently.

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