A persons home is often their largest asset, however, many people have no idea what their home is actually worth. Due to the recent upheaval in the housing market and the uncertain economy, many homeowners have inaccurate perceptions.of the value of their property. The value of a home is not as simple as “Well, the house across the street sold for $xxx,xxx, so mine must worth at least that as well.” People often have an emotional attachment to their home, which skews their perception and often results in them overestimating the value. As the real estate markets have started to stabilize, we have realized that homeowners generally do not have any idea what their home is worth. Given the volatility in the real estate market over the last 10 years this is completely understandable. Despite this uncertainty, we still need to move forward with life. College tuition still needs to be paid, home improvements and maintenance need to be performed, or people are simply retiring and want to simplify their housing situation. All of these are major life events and need to be properly planned for to ensure the best possible outcome. Because your home is your biggest asset, it should be treated as such. Guessing on a value or estimating based on what a house in your neighborhood sold for a year ago simply will not do. We want to make sure that you are making sound financial decisions. Whether planning for college tuition or planning to retire, the single best way to lay the foundation of a solid financial plan is to understand what your home is worth. Unlike other assets, you can not just look at a bank statement or look in the Wall Street Journal to determine how much the asset is worth. A lot goes into what your home is worth, among these – Location, Condition, Improvements and Amenities. No two homes are the same, and these factors need to be carefully considered in order to determine a credible opinion of value.
Our panel of appraisers can help remove the emotional aspect from the home valuation process. When combining their expertise with the multitude of tools and resources available to them, you can be assured that you will obtain an opinion of value that is credible, unbiased and objective.
If you are interested in having an appraisal done, we have 2 options to consider –
If you are in the process of purchasing a new home, or refinancing an existing home, the property will need an appraisal. The appraisal is one of the many tools your lender uses to determine how much to loan to you. In addition, it is a significant aspect to getting your loan approved. The appraisal typically begins with an inspection of the property where the appraiser will inspect the interior and exterior of the home. If you have not been contacted by our office to schedule the inspection, you will be shortly. The appraiser will visit your home, ask you questions about the home, improvements, required repairs, and any other information that is beneficial to obtain from the homeowner directly. You can expect the inspection to take about 15-20 minutes. Once the inspection is complete, the appraiser will also observe the surrounding neighborhood to get an understanding of what amenities and services are readily accessible to your property. Upon completion of this field work, the appraiser will research and verify a multitude of data, including comparable properties that have sold in the area. All of this information is required in order for the appraiser to arrive at a reasonable opinion of value for the property. Once an opinion of value has been determined, the final report will be delivered directly to your lender for review. If you would like to view the final appraisal, a copy can be obtained directly from the lender.