James M. Hanson discusses myths and realities about real estate appraisals and appraisers
October 4th, 2022 8:19 AM

Myth: The value that is assessed by the appraiser will be exactly the same as the market value.
Reality: While most states uphold the idea that assessed value equates estimated market value, this often is not the case. Interior reconstruction that the assessor is unaware of and a dearth of reassessment on nearby houses are prime examples of why the price can vary.

Myth: Depending on whether the appraisal is provided for the buyer or the seller, the opinion of value of the house will vary.
Reality: There is no personal interest on the part of the appraiser in the result of the analysis, therefore he will complete his work with impartiality and independence, regardless of for whom the appraisal is ordered.

Myth: The replacement value of the house is always in line with the market value.
Reality: The way market value is found is based on what a home buyer would likely pay a willing seller for a home without being under duress from any outside party to purchase or sell. If the property were reconstructed, the dollar amount necessary to do so would make up the replacement cost. Read More Here

For all your Residential and Commercial Real Estate Sales & Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Cape May Real Estate For Sale

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Posted by James M. Hanson on October 4th, 2022 8:19 AMPost a Comment

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