First Time Home Buyer Tips – Understanding the Appraisal
By Jason Boone
Buying a home for the first time is an exciting part of life since you will finally be moving from years of renting and saving to owning your own home.
During the home buying process one of the most important things you will pay for is the appraisal since it will help to insure that you will be paying an equitable and fair price for the home you decide to purchase.
In today’s post we will break down appraisal basics and what you can expect from this important part of the home buying process.
What Exactly Is A Home Appraisal?
A Home appraisal is a credible analysis of the value of a home based on many factors including the following:
- Homes which have sold recently in the same neighborhood.
- Current condition of the Real Estate market.
- Improvements which were made to the home recently.
- Location of the home.
- Age and quality of the house.
When a home buyer pays for an appraisal they will receive data on what the home is worth and then know what they should pay for the home.
Who Does The Appraisal?
Home appraisers are independent professionals who are paid for their impartial data.
They are licensed or certified to perform home appraisals in their state and have gone through the right training and education so that their appraisals are compliant with the Uniform Standards of Professional Appraisal Practice.
Besides being professionally licensed and certified in Real Estate Appraisal, a home appraiser must continue their education and stay on top of the recent changes in technology and developments in the Real Estate marketplace.
To learn more about home appraisals and how they affect you or to view Bend Oregon homes for sale contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.