Galveston Texas Real Estate Appraisals

Highest & best use is usually the utilization for a property that delivers the highest value. It is that usage, selected from reasonably probable and lawful alternative uses, which are determined to be physically possible, appropriately supported and financially feasible to conclude the highest possible value.

This depends on how the flood area affects usage of the property and if there is the likelihood for damage to buildings due to a flood. As a scenario, if just a portion of your property is in the flood hazard and it does not impact entry or structures, it will have less affect on the value. Conversely, if a part your house and parts of your driveways are in a FEMA floodplain then it will have a noticeable negative impact on the value. In either scenario a real estate appraiser must research other houses with comparable floodplains and establish the influence such a feature has on buyer sentiment.

Unfortunately no! Those website are not a dependable source of data. Instead, appraisers primarily depend on the local MLS to search for reliable sales and listing information. If a sale happened outside the Multiple Listing Service, but is corroborated through reliable means, appraisers can use that as well. Most appraisers are not fans of the online valuation portals due to all their misleading and commonly dated specifics. If you’re wanting a better method to ballpark sales information in your neighborhood, try searching the local Multiple Listing Service for active and pending listings.