As an appraiser it is important to be educated and current on the trends of your market area, which is why the majority of our work for the past 25 years has been in San Diego County. Understanding and being familiar with the area in which a home is being appraised is extremely important in locating comparable sales, understanding land value, home value, and where to find similar comparable sales. It would be difficult to accurately appraise a home with little knowledge of the neighborhood and surrounding areas. By appraising locally in San Diego we are familiar with the neighborhoods, which neighborhoods are similar and different, which are valued higher or lower, what is common for a specific neighborhood, and what the market trend is currently doing in that neighborhood.
An example of a situation where it is necessary to be familiar with your market area is if there are no similar comparable sales within the immediate neighborhood. There are occasions where there are no sales within the past few years in the neighborhood of the property being appraised. By understanding the market area we are able to find comparable sales in similar neighborhoods with comparable sales that are similar in condition, site, bedroom and bathroom count, gross living area, etc. If the appraiser was not familiar with the market they may try to use old comparable sales or ones that are not similar in amenities which could decrease the value of your appraised value.
Appraisers need to understand the complexity of a neighborhood, how different amenities can affect the value in the specific neighborhood such as site size or quality. In most circumstances it is required and important to follow the Fannie Mae and Freddie Mac guidelines which requires the appraiser to stay within 1 mile and 6-12 months from inspection. However in unique circumstances this is not an option, in which it would be a wise decision to find an appraiser familiar with your area for an accurate appraisal to be completed. As an appraiser in San Diego one of our jobs is to find credible and similar comparable sales and an appraiser with little knowledge may have a hard time doing this.
Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com
Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
* Bankruptcy Appraisals
* Bail Bonds Appraisals
* Estate / Date of Death / Retrospective Appraisals
* Financial Planning & Trusts
* PMI Removal Appraisals
* Pre-Foreclosure & Short Sales
* Tax Assessment Appeals
* Pre-Listing, Pre-Purchase, FSBO’s
* Probate Appraisals
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