Understanding the appraisal process and what drives home values.
Written by John Tatman
Retired Real Estate Appraiser
Actually, there are two home values, the value to the homeowner and the value to the potential buyer. Unfortunately, both values are emotional and not facts based on market data.
The homeowner has time in the home, family, years of memories, children growing up, maintenance, perhaps blood sweat and tears in room additions, kitchen or bath remodeling. Obviously the owner places a high value on his/her castle and rightly so.
The buyers on the other hand see things differently and act on different emotions.
The buyers are looking for that emotional spark at the first viewing. The all-important first impression is what drives the potential buyersat first. From there the first impression quickly turns to affordability, the cost to get in the home, the closing costs, the monthly notes, the taxes. Should I make an offer? What is the least I should offer?
Market value is somewhere between these two emotional extremes.
This is where the appraiser comes in with an objective opinion backed by market data.
Market...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
