Appraising Your Fredericksburg Home
What is a home appraisal? A home appraisal is a written report of the assessed of value of your home by a professional appraiser that reflects both historic and current market data. The information is obtained from a wide variety of sources, including local realtors, county courthouse records and a local MLS (Multiple Listing Service). The appraiser may also interview the owner and nearby neighbors.
Specific information in the appraisal report may include:
- - notes about serious structural problems, for example wet basements and cracked foundations
- - a determination of recent market trends that may effect valuation of the home
- - description of the size and condition of the house
- - description of permanent fixtures and any improvements made, including materials
- - observations regarding the surrounding area, including new or established development and rural acreage.
- - a CMA (Comparitive Market Analysis) to justify the appraisal
- - visual evidence such as photographs, sketches and maps
Why hire an appraiser? The first obvious answer is to be able to determine the value of the home. If you intend to list the property, the listing price most likely will need to reflect that appraised value in order to sell. Additionally, a potential buyer who will be financing the purchase with a mortgage usually must qualify according to the bank's standards. The home must appraise for the loan amount in order to cover the risk of loan default and foreclosure.
Appraising a home in the Fredericksburg Texas real estate market is unique in many respects compared to other real estate markets. Fredericksburg has many old rock homes, historic homes, bed & breakfast units as well as Sunday Houses. Comparable sales are often hard to find. Finding an inspector who specializes in the Texas Hill Country area helps in getting accurate information. Local lenders understand the market better and are better suited to evaluate the risks involved in home loans here in this part of the Texas Hill Country.