Understanding the Appraisal of Your Home

Posted by Cameron Keegan on Monday, June 1st, 2015 at 8:56am.

As you get ready to sell your Greenville real estate, going through the motions of a home appraisal can be confusing and particularly frustrating if your expectations are different from the results of your home appraisal. To help ensure that your next Greenville real estate transaction goes smoothly, I’ve outlined a few key pieces of information to help explain the appraisal process in further detail.

Here are a few key points:

  • Greenville Home Appraisers are completely independent from lenders, agents, buyers and sellers.
  • Greenville Home Appraisers must adhere to guidelines dictated by the Uniform Standard of Professional Appraisal Practice (USPAP) and Fannie Mae.
  • Greenville Home Appraisers must base their valuation opinion against homes that have actually closed in the area.
  • Greenville Home Appraisers adhere to a unique set of guidelines/rules specific to South Carolina. Each state carries its own set of rules.

Essentially, the system is set up is for home appraisers to act as a neutral party when assessing how your home stacks up against other properties given the current market conditions of Greenville real estate.

Where things can get a bit tricky is with regards to recent home updates. For example, if you’d recently updated your basement with $30,000 worth of upgrades, the market might not support the total dollar value of this home addition. In this scenario, the new rec room and secondary bathroom you’ve installed relative to what’s happening in the Greenville real estate market might not align with what you've spent. The market comps might only support the value of this upgrade at $20,000 instead. This can be a bit disheartening and will be reflected in your appraisal, however there's a number of other factors at play so don't let it throw you too much.

The value of the upgrades must be supported by the market comps in Greenville. These comparisons are drawn from recent sales transactions throughout Greenville over the last six months (or more so depending on the property).

If you have any questions about home appraisals in Greenville or wanted to know more about selling your home please call (864) 520-1000 or contact us online. As a team of local experts we can help guide you through the process and ensure that your next realty transaction is a timely and profitable transaction.

RE/MAX Moves
100 Batesville Road, Suite C
Simpsonville, SC 29681
Office: (864) 757-4787

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