What You Need to Know About Residential Real Estate Appraisals

An appraisal by a licensed appraiser is often necessary when purchasing, refinancing, or selling residential real estate. An appraisal is a formal, written, and commonly accepted procedure of determining and verifying the monetary value of real estate. In a residential real estate appraisal, a certified specialist conducts an assessment and produces a written analysis of the property's value.

Should I Have My Residential Real Estate Appraised?

A residential real estate appraisal is vital when purchasing a home; however, an appraisal can be highly beneficial in the following situations:

• Selling your home: For a better idea of a home's market value, homeowners thinking about offering their home for sale may opt for a pre-listing appraisal. Doing this will make it easier to set a fair asking price and increase the likelihood of a quick sale.
• Refinancing your home: Lenders need an appraisal to ensure that a home's current value can support the new mortgage amount. You can receive money back as part of refinancing if the home's value has increased since you bought it.
• Applying for loans: You might be required to use your property as collateral for various loans, including home equity, cash, and business loans. The bank will want to ensure that the current value of your house is sufficient to support the loan amount
• Appealing tax assessments: A home's market value is often used to calculate property taxes. However, if housing costs in your city or neighborhood have dropped, you might be entitled to dispute the assessment. Check if your state or region permits homeowners to use appraisals when appealing property tax assessments because the procedure differs by state and locality.
• Portfolio evaluation: Real estate investors often utilize appraisals to provide a reliable estimate of the value of their properties.

What Does a Residential Real Estate Appraisal Look Like?

There are two main appraisal methods for residential real estate: onsite and desktop appraisals. The traditional method involves the appraiser visiting the property and doing an in-person home appraisal. The appraiser measures the house, takes pictures, and evaluates its condition. The appraiser will check to ensure the home is safe and in good structural condition and note any significant property renovations. Instead of conducting an on-site inspection of the property, a desktop assessment is a property valuation carried out at the appraiser's "desk" utilizing tax records and data from the Multiple Listing Service (MLS).

How do I Find a Professionally-Licensed Appraiser?

AppraiseItNow is a global team of licensed real estate appraisers qualified to produce USPAP-compliant appraisal reports for residential real estate. Our trusted appraisers are licensed in all 50 states. We tailor our services to best suit your needs, and our appraisers are equipped to work with you onsite or online with desktop appraisals.