Why Contract Price Isn’t Market Value: Debunking the Myth for Realtors and Homebuyers
As a real estate appraiser, I often hear people say that if someone is willing to pay a certain price for a property, that’s its market value. However, this is not necessarily true. Market value is the most probable price that a property should sell for in a competitive market, with both buyers and sellers […]
Why Real Estate Appraisers Are the Only Objective Party in a Transaction
Buying or selling a property is a significant financial decision that involves parties such as lenders, agents, buyers, and sellers. All parties have a financial stake in the transaction, except the real estate appraisers, who are the only objective party. These professionals do not benefit financially regardless of whether the deal closes or not. In […]
Understanding the Differences Between Doublewide Manufactured Homes and Stick-Built Homes in Kentucky: Valuation and Taxation
As a real estate appraiser in Kentucky, one of the most common questions I get is about the differences between a doublewide manufactured home and a stick-built home. It’s a great question because the two types of homes are very different, and they are valued differently as well. First, let’s talk about what a doublewide […]
Why Your Home Appraisal May Have Come in Low: Understanding the Appraisal Process
As a real estate appraiser, I understand that homeowners may be surprised or disappointed when they receive a low appraisal. However, it’s important to note that appraisals do not always come in low. In fact, many appraisals accurately reflect the fair market value of the property. That being said, it is possible for the contract […]
Debunking the Real Estate Appraisal Myth: Homeowners Can Influence the Value of Their Homes
As a real estate appraiser, I have come across homeowners who believe that they can directly influence the value of their homes. Unfortunately, this is a common myth that needs to be addressed. While homeowners can certainly take steps to improve the condition and appearance of their homes, they cannot directly control the market value. […]
Why Finished Basements Are Not Considered Living SF: Understanding ANSI Standards in Real Estate Appraisal
As a real estate appraiser, I have often encountered homeowners who are surprised to learn that finished basements are not included in the total living area of their homes. While it may seem unfair to exclude this valuable space from the calculation of the home’s value, there are several reasons why this is the industry […]
Maximizing Home Value: Why Cost of Renovations Doesn’t Always Equate to Value
As a real estate appraiser, I have seen many homeowners make the mistake of assuming that the cost of renovations will always equate to an increase in their property’s value. Unfortunately, this is not always the case, and it’s important for homeowners to understand why. The truth is that not all renovations will yield a […]
Don’t just use SF to price your house. IT DOESN’T WORK!!! Don’t be a Lazy Agent
Don’t use just SF to price your house. It doesn’t work!! Don’t be a lazy agent When it comes to selling a house, one of the key factors that homeowners consider is pricing. Traditionally, many real estate agents and property appraisers use a simple formula to determine the value of a house: they calculate the […]
