How to spot a good appraisal

 One of the best ways to tell if your appraisal is good is to look for bracketing. You don’t want all the adjustments on a given line to be in the same positive or negative direction. That’s not appraising. That’s guessing.

For instance in this example look at the adjustments for heated square footage. We have both negatives and positives.

Another good example is fireplace. In the summer of 2014, in that neighborhood, Buyers and Sellers agreed that a fireplace was worth about a thousand dollars (not an electric one).

I usually include the county’s just value and land value, bracketing them also.

Press enter or click to view image in full size

The exception to the rule is time adjustments. They have nothing to do with bracketing. They are the difference in the median value of homes in an area at two specific times.

Comments

Post a Comment

Popular posts from this blog

Kerry Silva’s Resume and Unique Qualification

Image
Licenses Florida State Certified Residential Appraiser #RD0002145 Licensed Florida Real Estate Broker Professional Affiliations Greater Tampa Association of Realtors Florida Association of Realtors National Association of Realtors Residential Real Estate Sales and Appraisal Experience 2/10-present: Price, Wright, and Dunn Inc., Residential Realtors and Expert Witness Residential Appraiser, Hillsborough, Pinellas, Pasco, Polk, Manatee, Sarasota, and Charlotte counties, FL Owner, Broker, Trainer, Residential Realtor, Expert Witness Residential Real Estate Appraiser 1/05-present: Price, Wright, and Dunn Inc., Residential Realtors and Appraiser, Tampa, FL Owner, Broker, Trainer, Residential Realtor, Residential Appraiser 2/03–5/07: Net Realty Services Inc., Tampa, FL Owner, Broker, Residential Realtor, Residential Appraiser 1/97–2/03: ERA/The Polo Group, Tampa, FL Residential Realtor 3/95–1/97: Tam-Bay Realty, Tampa, FL Residential Realtor 4/94–2/03: Kerry Silva Residential Appraiser 6/93–...
Read more

The company you choose matters!

Image
Real estate companies don’t all sell homes the same way. Their close rates differ because of that. I’m defining close rate as the percentage of a company’s listings they actually get sold. So who you choose matters. It’s about knowledge, not name recognition. In general the big companies are mediocre. Some of the smaller companies are a lot better and some are a lot worse. Below are Close Rates of established companies  — the percentage of various companies’ normal listings (not short sales or foreclosures) they actually got sold since 1/10/2007 (the date I started doing things differently) in Hillsborough County. Because it’s a percentage, the size of the company doesn’t matter. Close Rates are calculated (Sold/Listed) using the following MLS specs: Property Type is ‘Residential’ Status is one of ‘Canceled (WDN-U)’, ‘Withdrawn Conditional’, ‘Sold’, ‘Expired’ Special Sale Provision(s) is not one of ‘Auction’, ‘Bank Owned/REO’, ‘Short Sale’ County is Hillsborough Listing Contract Da...
Read more

Home Selling Tips

  A Seller needs to do three things right to get a home sold Hire a Realtor with a high close rate (the percentage of their listings that actually sell); Price it right (“Price it Right and You’re Done!”) so your competition doesn’t kill you; Make it easy for other Realtors to show (we all sell the same inventory). If these three things are correct, it’ll sell. If not, no amount of marketing will sell it. How houses sell Realtors put their listings into the inventory, and offer a commission to any Realtor who can sell it. So any Realtor can sell any house, no matter who listed it. Most sales happen when a Realtor pulls a listing that fits the buyer from the MLS. The buyer originally contacted the Realtor on a different listing which just didn’t turn out to be the right one for them. Ads and open houses attract general prospects who may buy something some day. They rarely sell the home advertised. If it’s priced right it’ll sell without these. If it’s not priced right, it won’t sell...
Read more