Northshore Texas Real Estate Appraisals

The appraisal is a research heavy approach whereby an appraiser analyzes general and specific information, distills applicable information, and uses this in his/her review to establish an opinion of value. The appraiser will complete several phases to conclude a final estimation of appraised value. The key stages of this process involves the implementation of the three approaches to value which include the Market Data Approach, the Cost Approach and Income Approach. All approaches which are utilized are reconciled and settled to a single opinion of value which represents the most likely value for the house. The market data procedure for value is typically the most accurate when determining price of residential properties.

An appraiser gets his or her information from a wide variety of sources, including the local MLS, county real estate tax assessors records, local real estate agents, county courthouse records, private public record data providers, interviews with sellers and buyers, and his or her own personal knowledge or job files from previously completed appraisals. By means of extensive market examination and examining market information relevant to the subject property a property appraiser is able to come to an opinion of value. If relevant, a property appraiser can use data furnished by his/her customer or a third party.

A new property is not affected by depreciation so it will appraise for more than an identical resale . One must also remember that the lot will not decrease in value, only buildings. The building materials and systems used for construction deteriorate with time and eventually need to be replaced. Point in fact, almost all thirty year roofs usually require replacing around twenty years. Compare this to a house that is four years old which has four years of depreciation applied to all its systems. Lastly, new houses typically permit for some personalization to the house which means the buyers get precisely what they want upon move into without needing to make alterations.