A real estate appraisal is an unbiased estimate of the value of a property, usually performed by a licensed real estate appraiser.
A comparable property, also known as a “comp,” is a property that is similar to the subject property being appraised in terms of location, size, age, condition, and other relevant factors. Appraisers use comparable properties to help determine the value of the subject property, by analyzing recent sales of similar properties in the same or a similar neighborhood. The appraisal process involves selecting and analyzing multiple comparable properties to help the appraiser arrive at an estimated value for the subject property.
Comparable properties, or “comps”, are properties that meet the following conditions:
If you would like to schedule an appraisal or request a quote for your real estate appraisal needs, please call or text 908-517-3913 or use our contact form on our website: https://newjerseyrealestateappraisal.com
Depending on the size and complexity of the property, the on-site appraisal inspection can last anywhere from 20 to 40 minutes. Typically, reports are emailed to clients within 5-7 business days after the inspection, in PDF format. If you are in need of a rush real estate appraisal, please contact us.
Residential property appraisals typically cost $300–$600, although this can vary based on factors such as location, size, and complexity. If you have questions about commercial properties, please feel free to contact us.
The value of a property is determined by a variety of factors, including its location, size, condition, amenities, and recent sales of comparable properties in the area.
Homeowners have minimal involvement and minimal responsibilities. Being present at the appointed time will allow easy access to the property. The on-site appraisal inspection includes taking measurements of the home’s exterior with a measuring tape, taking photographs of the home’s exterior and interior, sketching the home’s floor plan, and talking to the homeowner about any recent upgrades or renovations made to the property, as well as any issues with the infrastructure and utilities that could affect the home’s value. A house appraisal requires taking pictures, so no animals or people should be in the pictures. The best way to get the highest market-supported opinion of market value is to maintain your house in good condition and disclose any upgrades or renovations.
A real estate appraisal report will include an estimated opinion of value for the property as well as information on how that value was arrived at and any relevant market data. Call the real estate appraiser or consult your lender or real estate agent for clarification on any points you don’t understand in the real estate appraisal report.
If you think the appraisal is wrong, you can ask for it to be reviewed or provide more evidence to back up your claim. There is no guarantee, however, that the appraisal will be revised.
The frequency of appraisals depends on your specific situation, but they are typically required when buying or selling a property, refinancing a mortgage, or for estate planning purposes.
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