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Get the knowledge you need to make a great investment.
What is a housing bubble and subsequent housing burst?
Recognizing current events that point to shifting real estate market trend are critical. Appraisers are not able to foretell the future. However, through the correct selection of comparable sales and pending transactions, a reliable range of value will be established. However, when you hire an ASA valuation professional, you know you are hiring a qualified and experienced appraiser.
About My Accreditation
• An Accredited Senior Appraiser (ASA) credential isn’t the easiest accreditation to achieve, but it’s the most recognized and respected!
• Hiring an ASA is worth every penny…you get what you pay for…and you get results.
• ASAs back up their accreditation with valuation experience…and not just a little experience, 10,000 hours’ worth or more to even qualify for the ASA accreditation!
• ASA accredited appraisers must complete over 100 hours of continuing education and professional activities and reaccredit every five years.
• The ASA accreditation is the only valuation accreditation required to comply with the Uniform Standards of Professional Appraisal Practice (USPAP)—the standards promulgated by the congressionally-authorized The Appraisal Foundation.
What Are the Components of an Appraisal?
Your home's purchase is the most significant financial decision some of us may ever encounter. It doesn't matter if where you raise your family, an additional vacation property or an investment, purchasing real property is a detailed financial transaction that requires multiple parties to make it all happen.
You're likely to be familiar with the parties having a role in the transaction. The most known entity in the exchange is the real estate agent. Next, the mortgage company provides the financial capital required to fund the transaction. And the title company sees to it that all details of the transaction are completed and that the title is clear to transfer to the buyer from the seller.
So, who's responsible for making sure the real estate is worth the amount being paid? This is where the appraiser comes in. We provide an unbiased opinion of what a buyer could expect to pay — or a seller receive — for a property, where both buyer and seller are informed parties. A professional licensed or certified appraiser from Agape Appraisal will ensure, you as an interested party, are informed.
Appraisals begin with the home inspection
Our first responsibility at Agape Appraisal is to inspect the property to determine its true status. We must see features first hand, such as the number of bedrooms and bathrooms, the location, amenities, etc., to ensure they truly exist and are in the condition a reasonable buyer would expect them to be. The inspection often includes a sketch of the property, ensuring the square footage is accurate and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house.
Appraisers are not home inspectors or environmental inspectors. The appraisal report should not be relied upon to disclose any negative/hazardous conditions present in the subject property. The appraisal report does not guarantee that the property is free of defects or environmental problems. The appraisal report is based on the assumption that the items located in/on the subject property are in working order unless otherwise noted. No liability is assumed for the electrical, mechanical or structural elements of the property. The appraiser provides an opinion of value. No warranty of the appraised value is given or implied.
Once the site has been inspected, an appraiser uses two or three approaches to determining the value of the property: a sales comparison, a replacement cost calculation, and an income approach when rental properties are prevalent.
Cost Approach
This is where the appraiser analyzes information on local building costs, the cost of labor and other factors to ascertain how much it would cost to construct a property comparable to the one being appraised. This figure usually sets the upper limit on what a property would sell for. It's also the least used predictor of value.
Sales Comparison
Appraisers become very familiar with the subdivisions in which they work. They thoroughly understand the value of certain features to the homeowners of that area. Then, the appraiser looks up recent sales in close proximity to the subject and finds properties which are 'comparable' to the subject being appraised. Using knowledge of the value of certain items such as remodeled rooms, types of flooring, energy efficient items, patios and porches, or additional storage space, we add or subtract from each comparable's sales price so that they are more accurately in line with the features of subject property.
- Say, for example, the comparable has an extra half bath that the subject doesn't, the appraiser may subtract the value of that half bath from the sales price of the comparable.
- However, if the subject has an extra half-bathroom and the comparable does not, the appraiser might add a certain amount to the comparable property.
Once all necessary adjustments have been made, the appraiser reconciles the adjusted sales prices of all the comps and then derives an opinion of what the subject could sell for. At Agape Appraisal, we are an authority in knowing the worth of real estate features in Kansas City Metro market and its surrounding communities. This approach to value is usually awarded the most consideration when an appraisal is for a home sale.
Valuation Using the Income Approach
In the case of income producing properties - rental houses for example - the appraiser may use a third approach to value. In this case, the amount of income the real estate generates is factored in with income produced by neighboring properties to derive the current value.
Putting It All Together
Examining the data from all applicable approaches, the appraiser is then ready to put down an estimated market value for the subject property. Note: While the appraised value is probably the most reliable indication of what a property is worth, it probably will not be the final sales price. Prices can always be driven up or down by extenuating circumstances like the motivation or urgency of a seller or 'bidding wars'. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money than the property is actually worth. Here's what it all boils down to, an appraiser from Agape Appraisal will provide you with a fair and balanced property value, so you can make wise real estate decisions.
Agape Appraisal complies with all applicable statutes, rules and regulations relating to my profession in all jurisdictions in which business is conducted. This includes, but is not limited to, the Uniform Standards of Professional Appraisal Practice (USPAP), Financial Institutions Reform, Recovery and Enforcement Act – Title XI (FIRREA), Financial Regulatory Agency requirements, Air Independence Requirements (AIR) as well as the FHA, Fannie Mae and Freddie Mac guidelines.