What's Involved When I look at a Property:

The basic steps involved my engagement involves:

  • Initial subject property and neighborhood research (county assessment records, plot plan, multiple listing information)
  • Commuting time to and from the subject property
  • A Complete interior and exterior inspection of your property (Site and dwelling).  I need to see observe and consider any issues (positive or negative) that may impact the PRICE, MARKETABILITY AND ABILITY OF THE PROPERTY TO SECURE FINANCING.  These issues can be improvement, site or external.  In addition, a drive thru of the neighborhood environment including review of sale and listing activity within the neighborhood and or market area.
  • Consideration of any municipal requirements (inspections by the municipality on a potential resale, zoning district placement and future government improvements for public sewer or requirements for a property served by on site sewer).
  • If an investment property..Income and Expense data.
  • Analysis, review, and selection of comparable Listings and Sales in the neighborhood as well as competitive PRIMARY and secondary market areas. 
  • Different post office districts, municipalities, pricing tiers and property types are performing IN DIFFERENT WAYS.   Not all is GOOD.
  • MOST IMPORTANT.....Review and observations regarding supply/demand both from a CURRENT and HISTORICAL perspective is analyzed because supply/demand and inventory levels WILL IMPACT pricing & marketing time in the primary competitive market area
  • Verification of the Sales and Listings Prices, Concessions or Seller Credits offered which impact the NET SELLING PRICES and utilized in Developing and opinion of a suggested list price or market value, in the case of a real estate appraisal engagement.
  • What's happening on the local, regional and national levels in terms of the economy (stock market, gas prices, employment, consumer confidence) or adverse national-world conflict.

With all the above info....what is the Highest & Best Use of the property.  Is it the current use OR another use.  Things change with time.  If there is excess site area can it be subdivided.  In some areas smaller homes are being torn down because the land is worth more with little value to the existing home.  If the property is in a locale with a zoning change, there may be a viable alternative use.  All these options are subject to market conditions....SUPPLY & DEMAND characteristics in the primary market area.

Writing and preparation of an Appraisal Report including necessary exhibits which typically include a sketch of the dwelling, site plan, location map, and photos of the subject property and comparable sales if the assignment is for the purpose of an appraisal assignment.