Orange County Appraiser
You may be looking to sell your house, added a pool, or looking to refinance a home mortgage, whatever the reason may be, getting a property appraisal done can help protect your investments. Appraisers take many steps to make sure that their work is diligent and precise.
What is an appraisal?
The appraisal process is a regulated and concise method of reaching an estimate of value for a property.
There are six major steps:
1. Definition of the property
2. Preliminary survey and appraisal plan
3. Data collection and analysis
4. Application of the three approaches to value
5. Reconciliations of value indications
6. Final estimate of defined value
This process assists the appraiser in reaching the right conclusion. With this foundation appraisals are consistent at being accurate measures of value for current market conditions.
The primary phase of this process involves applying three approaches to value:
* Market Data Approach
* Cost Approach
* Income Approach
These approaches are reconciled and the value is defined by the most practical and applicable approach by the property appraiser. In most residential appraisals, particularly those of small homes, the direct sales comparison or market approach best reflects the actions of buyers and sellers and is the most convincing and defend-able approach to the property’s value.
Difference Between Appraisal and Realtor Values
It should be noted that, while real estate agents and brokers are available, typically at no cost to you, to provide you with a market value estimate, these are often inflated values. These services are most typically provided in order to secure a listing from the property owner. A real estate appraisal, prepared by an experienced appraiser, will provide you with a clear estimate of the market value of your property. A California Certified General Real Estate Appraiser can provide you with a solid market value, with consideration for the ever changing market conditions. This is particularly important during this challenging economic climate. Our appraisers are highly experienced and familiar with the Orange County market area as well as market trends and various influences on property value.