A real estate appraisal is the first step that must be taken in order to expect a quick sale. An over-priced property will sit unsold wasting your time and money.
Appraising houses is not an exact science. It is merely an opinion of value provided by the appraiser. In most cases, the appraisals of a property will be very close to each other.
Let's use appraising houses as an example. The appraiser will start by selecting 3-4 properties that are comparable to the subject. They must be sales in the same area and have sold recently.
The first thing an appraiser will adjust for is time. They will look at the history of sales for the time period that the comparables cover and an adjustment willl be made. For example, if one of the comparables sold 6 months ago and prices increased over this time period, the subject property will be worth more.
They will continue on by adjusting for lot size, location, square footage of the home, number of bedrooms and bathrooms, garage (if necessary), finished basement and the condition and age of the home. In the end, the appraiser will determine how much the subject property is worth compared to the recent sales.
Real estate is only worth what a buyer will pay for it. This is why you have to look through the eyes of the person that set the price when completing a real estate appraisal.
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