Most people have heard the term real estate appraiser, but there are still a lot of misconceptions about what they do and why they are so vital when purchasing or selling property. With the real estate market being what it is right now, it’s even more important than ever to hire a reputable real estate appraiser. So, here are a few common myths about real estate appraisers, and the facts about who they are and what they do.
- Myth: The main reason to hire an appraiser is to make sure you don’t pay more for a property than its worth.
- Fact: while an appraiser is crucial in ensuring you’re not paying too much, they do much more than that. They can also help you make sure you get the fair market price for a property you plan on selling, and keep this in mind; they are almost always a requirement from any lender before they will grant you a loan.
- Myth: Appraisers use a specific formula when coming up with the value of your property.
- Fact: Appraisers weigh the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors. So, while there is a formula they follow, there are many more factors that go into pricing a property than just the square footage.
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