Friendswood Texas Real Estate Appraisals

Price per sq. ft. is a simplistic way of estimating price in which you multiply size x square footage price. While you can certainly obtain a price per sq. ft. on the Subject property AFTER the sales price estimate has been determined, it is not a predominant indicator of value. You could extract an median price per sq. ft. by using comps but you would first need to make adjustments to each comparable against the Subject. That is the process most people do not follow. As an example, a small fully remodeled home could possibly appraise more than an original condition larger home across the street.

The appraisal development is an orderly and concise method of reaching an estimate of value. An appraiser will go through many phases to conclude a final opinion of appraised value. The major steps of this process requires the implementation of the three approaches to value which include the Market Data Approach, the Cost Approach and Income Approach. The three approaches are reconciled and the most relevant approach, in the expertise of the appraiser, is is given the most weight in the appraisal. For most situations, the market data approach is the best representation of homebuyer and owner desires in the market and relied upon heavily in residential appraisals.

It depends. We’ll say an appraiser was precise and followed ANSI guidelines when measuring the house. The appraisal authority oftentimes rounds to the nearest foot, uses aerial pictures to verify size, and seldomly perform measurements in person of properties. If a property is recently built, the county will commonly just rely upon the builder’s listed square footage. This can present an issue if the homebuilder didn’t stick to the blueprints precisely. It’s also not out of the realm of possibility for the county to list the square footage of the incorrect homebuilder plans completely!