What Are Some Reasons Your Home May Not Appraise? With the current shift in the real estate market, we may see changes in sales activity that will affect your home’s value. The market is constantly changing and it is important to keep up with what is happening if you want to stay current on property […]
Understanding The Appraisal Part 3: The Cost Approach
March 10, 2022 By 4 Comments
A Closer Look At The Cost Approach There are three approaches to value that can be used in a residential appraisal. They are the sales comparison approach, the income approach, and the cost approach. Today I will be explaining the cost approach to value. This approach is not given as much attention as the sales […]
Understanding The Appraisal Part 2: Condition and Quality Ratings
March 1, 2022 By 7 Comments
A Closer Look at Condition and Quality Ratings Last week I kicked off my “Understanding The Appraisal” series by discussing the Adjusted sale price of comparables. This week we’re going to look at the Condition and Quality Ratings assigned to the subject property. Prior to the introduction of the Uniform Appraisal Dataset (UAD), appraisers would […]
Desktop Appraisals: Pros and Cons
October 27, 2021 By 6 Comments
Are Desktop Appraisals the Answer? The big news in the real estate, mortgage lending, and appraisal industry is desktop appraisals. In a recent announcement, FHFA Acting Director Sandra Thompson revealed that both Fannie Mae and Freddie Mac will continue to allow appraisals to be conducted remotely. This was very happy news for all of the […]
What Is A Competitive Market Area?
February 18, 2021 By 13 Comments
Competitive Market Area Explained A competitive market area is something that I write about quite a bit when discussing comparable sales selection. It answers a lot of questions about where agents can look for sales when pricing a home. The sales comparison approach is the most recognized approach for non-appraisers. Most people know what a […]
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