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By Andrew Hart

I am the only agent who truly feels your journey to homeownership is as important to me as it is to you!

Find Out The Value of Your Home. The place where you can trust our experience and expertise to get the answers you need. Discover Market Value

When preparing to buy, sell, or open escrow, understanding the appraisal process is crucial. From an appraiser’s point of view, several factors can significantly influence a property’s value. Here’s a closer look at these elements and how they can impact your transaction:

1. Boosting property value. Any upgrades, whether a full remodel or specific improvements, can enhance your property’s value. As a seller, it’s beneficial to have a detailed, itemized list of these upgrades along with the costs incurred. Providing this information can help the appraiser solidify their valuation with concrete facts.

  • Pools and solar panels are often seen as valuable additions.
  • The busyness or quietness of the street can affect the appraisal.
  • Properties with desirable views can see a significant boost in value.
“Understanding these factors and how they might shift can help you better navigate the appraisal process.”

2. Understanding comparable properties. When determining comps, appraisers ideally look within specific parameters. The comparable properties should be within 20-30% of the subject property’s square footage. Ideally, sales within a 90-day window are preferred, though 60 days is often the average used. Comps should typically be within a quarter mile of the subject property.

However, in practice, these ideal windows can vary, especially in unique circumstances. Rural properties might require looking at comps within a mile or even two miles due to the availability of similar properties. Occasionally, appraisers might consider sales from up to six months ago, or even longer, if necessary. For instance, I recently dealt with an appraisal involving a property sold a year ago.

Understanding these factors and how they might shift can help you better navigate the appraisal process, whether you’re buying or selling. Doing your homework and being prepared with detailed information can make a significant difference in the outcome of your appraisal. If you have any questions, don’t hesitate to reach out by phone or email.