What Does A Real Estate Appraisal Include? โข Birmingham Appraisal Blog
What Does A Real Estate Appraisal Include? โข Birmingham Appraisal Blog
Abstract
Appraisers are required to verify the information used in the report to make sure the data is accurate. The cost approach reflects the cost of constructing the property and includes land value as well. The Income Approach provides a value indication based on the income-producing capabilities of the property. Not all appraisals will include the cost and income approaches to value. If they are relevant to the assignment they will be included.
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This is a question I often get when someone is ordering an appraisal. I perform appraisals for multiple reasons, including estate planning, probate, divorce, PMI cancellation, pre-listing, and pre-purchase. Appraisals are not something most people order on an ongoing basis so they are not really familiar with everything that is included. Because so many people have asked me, โWhat does a real estate appraisal include?โ I thought it would be a good idea to create a blog post to help everyone...
This is a question I often get when someone is ordering an appraisal. I perform appraisals for multiple reasons, including estate planning, probate, divorce, PMI cancellation, pre-listing, and pre-purchase. Appraisals are not something most people order on an ongoing basis so they are not really familiar with everything that is included. Because so many people have asked me, โWhat does a real estate appraisal include?โ I thought it would be a good idea to create a blog post to help everyone...
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External obsolescence is not something you hear about every day. If you are interested in purchasing real estate and choosing a property that retains its value then you may want to learn a little more about this form of depreciation that is not discussed much. If you break down the phrase starting with the word external you get this: โcoming or derived from a source outside the subject affectedโ. Then, looking at obsolescence you have this: โthe process of becoming obsolete or outdated an...
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Feds Increase Rate On July 27 the Federal Reserve increased the federal funds rate yet again by .75%, in an attempt to fight inflation. While a higher fed fund rate initially affects how much banks pay to borrow money the rate increase will trickle down and affect the interest rates consumers pay on short-term mortgage loans. Affect of Rate Hike on Mortgage Interest Rates The rate hike is affecting short-term rates more than long-term rates such as mortgages. Itโs been several weeks since the...
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With the first quarter of 2022 under our belts, I thought I would take a quick look at how the numbers stack up against past years, and for March. Weโll take a look at some key metrics including sales volume, median sales price trends, days on market, the sale price to list price ratio, active listings, and months of supply. Number of Homes Sold
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If you are a new homebuyer, welcome! Buying a home can be a confusing process, however, I hope that you have been able to surround yourself with knowledgable professionals who can help you navigate your first home purchase and make it an enjoyable experience. In this new homebuyerโs guide to appraisals, Iโll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. While most people wi...
If you are a new homebuyer, welcome! Buying a home can be a confusing process, however, I hope that you have been able to surround yourself with knowledgable professionals who can help you navigate your first home purchase and make it an enjoyable experience. In this new homebuyerโs guide to appraisals, Iโll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. While most people wi...
The smell of a market shift is in the air but what does this mean for the average buyer? Over the past two years, buyers have been put through the wringer. The steep rise in home prices, and the marketโs competitive nature, have tested the resolve of buyers. If they didnโt lose out on a contract for the home of their dreams they had to bid the price up way over the list price to even get the attention of sellers who have had an edge in the market since interest rates dropped after the COVID...
The smell of a market shift is in the air but what does this mean for the average buyer? Over the past two years, buyers have been put through the wringer. The steep rise in home prices, and the marketโs competitive nature, have tested the resolve of buyers. If they didnโt lose out on a contract for the home of their dreams they had to bid the price up way over the list price to even get the attention of sellers who have had an edge in the market since interest rates dropped after the COVID...