Happy New Year, I Want To Help You With Your 2013 Real Estate Goals

With the new year here many of us have either set goals or will be setting them soon. One of my goals this year is to help others reach their real estate goals by helping them to understand the appraisal process better. This can be either through learning how appraisals are performed, which in turn can help real estate agents make better informed decisions on pricing their listings, or by learning more about market conditions in the Birmingham, Alabama real estate market.

The process by which appraisers perform appraisals and come up with market value opinions is confusing to some. I have always felt that those agents that have a better understanding of the process can anticipate potential issues that may come up. By knowing what comparable’s the appraiser will be looking for, the agent can use these types of sales when pricing properties, therefore decreasing the chance of vast value differences between agent’s CMA’s and the appraisers opinion of value. In addition, some properties that use FHA or USDA financing must be looked at differently. The condition of the property is much more important than in conventional loans. These are only a few of the “insider” tips I can pass along to agents to help them understand the appraisal process.

The second item I can help agents with is general market conditions in the Birmingham area. The effects of distressed sales such as foreclosures and short sales do have an impact on market value. Inventory levels affect supply and demand and therefore market value as well. Appraisers analyze statistics related to absorption rates, Days On Market, and list sale price to list price ratios and this information can be helpful to agents in their pricing strategy.

If I can help you reach your 2013 goals by helping  you understand the appraisal process please give me a call, I love to share information at sales meetings or similar gatherings.

If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on Facebook., Twitter, or Youtube.