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Many people think the majority of an appraiser’s job is done when they finish the inspection, but appraisers spend hours on research and analysis before and after every appointment: the more unique the home, the more time an appraiser dedicates to an appraisal. Inspections are important because they help the appraiser to make sure the information is accurate that they’ve gathered on the property, but some appraisals are completed without an inspection because it isn’t the most important part of the appraisal process.
Every home is unique, every city values different features, and the market is always changing. An appraiser researches current, local market trends to find patterns that show how much the market is willing to pay for each individual feature. The value of a feature is determined by the demand for that feature in its local market.
Appraisers calculate demand by choosing comparables: properties that are similar to the subject property in bedroom and bathroom count, square footage, lot size, location, garage size, quality, condition, and any other features. The more similar, the better. Once an appraiser selects comparables, they adjust for differences based on the trends they see.
Read our blogs: the appraisal process and the art of adjustments for more information on appraisals, or updating, "where do I start?" for more information on updates with the highest return in value.
Feel free to reach out to our office with any questions!
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