by Lane Duplechin | Property Values, Real Estate Expert
Appraisers make adjustments to comparables to account for differences between properties. Adjustments reflect the incremental value buyers are willing to pay for specific features.
The dollar amount is based on the value of that feature to the buyers in that specific market. Some markets value certain features more than other markets.
Also, the cost of the feature often does not necessarily equal the value of the adjustment. For example, a pool may cost $75k but the value added may be much less.
Be cautious of cheat sheets that include specific values for certain features. Appraisers very carefully analyze each market to determine the impact of specific features.
by Lane Duplechin | Property Values, Real Estate Expert
Our focus is always on providing a great experience for our clients and business partners. As silly as it sounds, we strive to be the Chick-fil-A
of the appraisal business.
This means we’re going to make efforts to meet and exceed your expectations.
We’re going to treat you like we’d want our closest family members to be treated.
The appraiser will be on-time and dressed professionally when he visits your home. He’s going to treat your house and property with the utmost respect.
Our office staff is available to happily assist and answer your questions. We’ll maintain strict confidentiality in situations as needed.
We regularly ask for feedback. If you have an unfavorable experience, we want to know about it!
by Lane Duplechin | Process, Property Values, Real Estate Expert
It’s important that you know what’s going on during the appraisal process. Lenders, agents, homeowners, and buyers all play a vital role.👫 We try our best to keep everyone informed.
We have a friendly staff available to answer your questions and keep you updated along the way.
Under some circumstances, we are unable to share certain types of information. 🚫 Client confidentiality is very important to us. We will kindly let you know if certain communication cannot be shared.
We can be reached by phone at 337-366-9927, email at AcadianaAppraisals@gmail.com, or through Facebook!
#AcadianaAppraisals #appraiser #realestate #acadiana
by Lane Duplechin | Home Values, Property Values, Real Estate Expert, Uncategorized
Appraisers make adjustments to comparables to account for differences between properties. Adjustments reflect the incremental value buyers are willing to pay for specific features.
📣📣📣Adjustments are MARKET SPECIFIC!!! There is NOT a one-size fits all dollar value for certain features. Also, keep in mind a “market” is not only defined by location. 📣📣📣
The dollar amount is based on the value of that feature to the buyers in that specific market. Some markets value certain features more than other markets.
Also, the cost of the feature often does not equal the value of the adjustment. For example, a pool may cost $75k but the value added may be much less.
⚠Be cautious of cheat sheets that specific values for certain features. Appraisers very carefully analyze each market to determine the impact of specific features. ⚠
by Lane Duplechin | Home Values, Property Values
In most situations, not really! Dirty dishes in the sink, toys in the living room, clothes on the floor are part of daily life for most of us. Appraisers are trained to look past these types of personal property. Their focus is on the permanent fixtures such as walls, floors, cabinets, etc.
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In short, prepare your property the way that makes you feel comfortable but don’t add more stress to your life trying to make sure your house is “magazine” ready just for the appraiser’s sake!
by Lane Duplechin | Property Values, Real Estate Expert
Appraisers use bracketing to select comps with features and characteristics that are both inferior and superior to those of the subject property. .
The goal is to attempt to bracket all features that require adjustments. Features may include items such as condition, lot size, living area, location, view, or amenities such a pool or garage..
In a perfect world, each property would indicate the same value after all adjustments are made. But…real estate is not perfect, and a range of adjusted values is typically formed.
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Most lenders require the opinion of value to be bracketed by the sales prices/adjusted sales prices of the comparables..
Bracketing (per FHA)
Definition: Bracketing refers to selecting comparable properties with features that are superior to and inferior to the subject features.
Standard: Comparable properties must be selected based on the principle of substitution, and the analysis will reveal the relevance of that data. Comparable properties should not be chosen only because their prices bracket a desired or estimated value.
Required Analysis and Reporting: In analyzing the comparable pool to determine the best comparable sales to display and compare in the adjustment grid, the Appraiser must use Bracketing techniques when possible and appropriate.
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Bracketing (per the Dictionary of Real Estate Appraisal, 7th Edition)
- In a quantitative analysis, a process in which an appraiser chooses comparable sales or listings that display both superior and inferior elements of comparison to the subject property.
- A process in which an appraiser determines a probable range of values for a property by applying qualitative techniques of comparative analysis to a group of comparable sales. The array of comparable sales may be divided into 3 groups – those superior to the subject property, those similar to the subject property, and those inferior to the subject property. The adjusted sale prices reflected by the sales requiring downward adjustment and those requiring upward adjustment refine the probable range of values for the subject property and identify a value bracket in which the final value opinion will fall.
