Clear Answers About Real Estate Appraisals
Whether you are planning an estate, resolving a legal matter, reviewing taxes, considering a purchase or making an investment decision, an independent appraisal gives you a well-supported opinion of value from a qualified professional.
What is a real estate appraisal?
An appraisal is an independent, impartial opinion of a property’s value prepared for a specific date and intended use. The appraiser researches the property, analyzes relevant market data and explains the reasoning behind the value conclusion.
Why might I need an appraisal?
Common reasons include estate and gift planning, divorce, tax assessment appeals, litigation, bankruptcy, refinancing, private lending, purchase or sale decisions, PMI removal, investment analysis and retrospective valuation.
What is the difference between an appraisal and a home inspection?
An appraisal develops an opinion of value. A home inspection focuses on the physical condition and operation of building systems. They serve different purposes and one does not replace the other.
How is an appraisal different from a broker’s market analysis?
A broker’s market analysis is generally prepared to guide a listing or purchase strategy. A certified appraisal is an independent valuation developed under professional appraisal standards for a defined client, intended use and effective date.
How is market value determined?
The appraiser considers the property’s location, site, condition, size, quality, use and marketability, then analyzes relevant sales, income and cost data as appropriate for the assignment.
What is included in the report?
The report typically identifies the property and assignment, describes the valuation methods and market evidence, presents the analysis and states the final value conclusion, assumptions and limiting conditions. Report scope varies by property and intended use.
Where does appraisal data come from?
Sources may include public records, listing services, deeds, tax and assessment records, zoning information, market databases, interviews and information supplied by the client or property contact. Material data is reviewed for relevance and reliability.
How long does an appraisal take?
Timing depends on property type, complexity, access, report scope and data availability. We confirm the expected turnaround when the assignment is accepted and keep you informed throughout the process.
How much does an appraisal cost?
Fees depend on the property, location, intended use, complexity and turnaround requirements. Residential fees start at the amounts shown on our Areas Served page; mixed-use, commercial and specialized assignments require a customized quote.
What is USPAP?
USPAP is the Uniform Standards of Professional Appraisal Practice, the generally recognized ethical and performance framework for appraisal practice in the United States.
Who completes the appraisal?
Assignments are completed by New York State Certified Real Estate Appraisers with experience appropriate to the property and assignment. Reports are reviewed for quality before delivery.