Many homeowners in San Diego want to update their home by adding square footage because it is believed that if the property has more square footage it will be worth more. Something that many homeowners in this situation do not consider is the homes in their neighborhood. If your property is overbuild with more square footage than homes in your neighborhood it can make it difficult to appraise.
As a homeowner or buyer you may want to understand the reason for having an appraisal completed for your mortgage transaction. If you are buying, selling, or refinancing a home the appraisal is an important part of your transaction and you will want to understand the process. Read More
If you are looking for an appraiser in the San Diego area you have probably been told to find a Certified Residential appraiser. In California there are 4 appraiser levels which are trainee (AT), Licensed Residential (AL), Certified Residential (AR), and Certified General (AG). Read More
As of 2009 all appraisals including ones from San Diego County submitted to Fannie Mae and Freddie Mac are required to have a Market Condition Addendum or 1004 MC form. On this form there is statistical information for properties that are similar or comparable to the property being appraised. Read More
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. Read More
A “Subject to” San Diego appraisal is one that many people do not understand or have not heard about but in most cases it is a helpful tool to know. “Subject to” appraisals occur when there are repairs needed or improvements uncompleted to a home. “A subject to” appraisal values the home as if the repairs and improvements are completed with a statement in the appraisal saying the appraisal will be “subject to” the completion of the repairs or improvements. Read More
A phrase often used in San Diego by appraisers that can confuse clients is the “Effective date” of the appraisal. The term seems self-explanatory; however it is helpful to know exactly what this term means, because it can sometimes change. Read More
When choosing an appraiser in San Diego it is important to select someone that is experienced, educated, and familiar with the market. Appraisers experience can vary depending on what types of homes they have inspected, areas they have appraised, how much education they have completed, and how long they have been an appraiser.
Baby boomers are going to be reaching retirement soon and many of of them will be inheriting assets given to them through an estate. These many billions of dollars that are being inherited will need a professional Real Estate appraisal valuation. Some of the assets or “illiquid assets” include real estate which will require a Fair Market Value Appraisal. A specialized estate appraisal is responsible for determining the fair market value of the property in the estate. Read More
As the new year begins you may be interested in some of the trends occurring in the housing market and we would like to help you improve your knowledge about today’s market. Below are the statistics of 2014 that NSDCAR found using Sandicor. Per the NSDCAR HomeDex North County Summary Report for January 2014 for Single-Family Home Prices:
- The median price for all homes in North San Diego County- single family detached and single family attached-declined from $478,500 in December 2013, to $475,000 in January 2014. Read More