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Q: How is a home’s value determined?
A home’s value is determined by several key factors, including the condition of the home, improvements made to it, the location and neighborhood desirability, and current housing market trends. Appraisers typically use the three most recent comparable sales within a one-mile radius to assess the value.
Q: Do appraisers use price per square foot?
Appraisers do consider the size of a home when determining comparable sales, but they do not rely solely on price per square foot like realtors do. Instead, appraisers take a more holistic approach to valuation.
Q: Are appraisers only hired for mortgage lending?
No, appraisers provide various services beyond just mortgage transactions. They are also hired for home selling, estate planning, cash purchases, divorce proceedings, PMI removal and tax appeals.
Q: What should home sellers know about appraisal documents?
Home sellers should review appraisal documents, which may contain real estate jargon. Important sections to focus on include descriptions of the property and details of comparable homes in the neighborhood.
Q: What is the difference between an appraisal and a home inspection?
An appraisal inspection evaluates the home’s overall condition and visible upgrades, while a home inspection, conducted by a licensed inspector, assesses the foundation, roof, electrical systems, plumbing, and more.
Q: How does home value appreciation work?
Home value appreciation can be influenced by rising prices of nearby homes, but it is affected by multiple factors. It’s important to consider various variables that may impact your home’s value.
Q: What payment methods do you accept?
At Urban Appraisals various payment methods are accepted for appraisal services, including debit/credit cards, direct deposit, Venmo, etc. An invoice and payment instructions will be emailed after the initial consultation.
Q: How are multi-family properties appraised?
For multi-family properties, each unit must be accessed for a comprehensive appraisal. The property owner does not need to be present, but access must be organized.
Q: How are appraisal fees determined?
Appraisal fees are based on the property’s address, type of property, the complexity of the job and the specific situation of the appraisal process. At Urban Appraisals we offer competitive rates, and after receiving the property address and initial consultation, further details and fees will be discussed.