Billingsley Retter & Associates Inc. Blog

5 Important Questions for Your Real Estate Appraiser

Fri, 14 Jun 2024 14:19:39 GMT

If you're buying a home, you'll want to have it looked over by a real estate appraiser. These experts can help ensure that you're getting a fair deal. This is especially important because average 30-year fixed mortgage rates have topped 7% in recent times, marking the highest levels since 2000, according to Forbes. With borrowing costs so high, you'll want to make sure you're getting a good deal. Let's look at some must-ask questions.

1. Do You Specialize in Specific Types of Properties?

Appraising real estate can be rather tricky and requires a lot of knowledge. Many appraisers specialize in certain types of properties. One appraiser may only deal with commercial properties, for example. They may specialize even further and might appraise only restaurant spaces and the like. It's important to figure out the specifics.

2. Can You Provide Your Appraiser License Info?

Appraisers must often undergo specific training to ensure that they are up to par for the job. Often, you can confirm that the appraiser is fully licensed. This can help provide peace of mind and could prevent hassles later on.

3. What's the Most Challenging Job You've Had?

Some appraisals are pretty straightforward. Others can be difficult, and it could be easy to get lost in the nuance. You should ask potential appraisers to discuss some of their difficult projects and what they did to ensure good outcomes. This way, even if issues do crop up, you can rest more easily knowing that you're in good hands.

4. How Many Years Have You Worked in the Industry?

Experience can go a long way. This is especially true for appraisals. Reading books and watching YouTube videos that explain the appraisal process can help folks pick up skills. Still, nothing beats real-world experience when it comes to these sorts of jobs and tasks.

5. What Properties Have You Handled That Are Similar to Mine?

Your appraiser may have already worked on a property similar to your own. If so, that's good news because it means they have specialized experience that can lead to better outcomes. Often, home values can be impacted by micro considerations. Two neighborhoods on the same side of town may experience dramatically varied local property valuations, for example.

Looking for an expert real estate appraiser ? Get in touch with our team at Billingsley Retter & Associates Inc right away. We have helped countless people get fair and accurate appraisals for a huge range of properties.

Debunking 3 Common Myths About Home Value

Tue, 23 Jan 2024 17:07:49 GMT

When it comes time to sell your house, you want to make sure that you understand all the factors that impact its value to get the best price. However, there are several persistent myths about what affects home values that you need to know aren't necessarily true when you request house appraisals. This will help you maximize your sale price down the line.

1. Bigger Homes Always Sell for More

It's easy to assume that larger homes directly translate to higher values. That said, square footage is just one piece of the puzzle. The location, layout, condition, and upgrades also play a huge role. Just because a 5,000-square-foot home seems impressive doesn't mean it'll automatically appraise for more than the smaller, renovated cottage down the street. Curb appeal and usable space contribute more to perceptions of value than sheer size in many cases.

2. Recent Upgrades Guarantee Return on Investment

You may think that investing $50,000 to renovate your kitchen and bathrooms will instantly raise your home's value and result in major profits. However, most house appraisals look at the overall comparable sales in the neighborhood, not just the upgrades. If other area homes haven't been renovated, our team has found that you likely won't recoup 100% of your renovation costs. Carefully consider the typical home styles and values around you before sinking money into upgrades.

3. Curb Appeal Doesn't Impact Value

It's what's on the inside that counts, right? While interior updates are important, don't underestimate the power of curb appeal and landscaping when it comes to home values. According to a member survey by the National Association of Realtors, 99% of members believe that curb appeal is important in attracting a buyer. Remember, a home's exterior is the first impression buyers see when browsing house appraisals for properties to tour and bid on. A stunning, welcoming exterior can entice buyers to pay more compared to a dated, worn-out exterior.

Now that you know some of the most common myths about home values, you can leverage accurate house appraisals to price your home correctly. Connect with professional appraisers to cut through assumptions and opinions to get data-backed insight into your home's true market value when preparing to sell. If you're looking to get your home appraised in the Atlanta area, we can help! Reach out to our team at Billingsley Retter & Associates Inc today to start the process.