More Frequently Asked Questions
How does it work?
Typically, the sales comparison approach is relied on most heavily. This involves finding the most recent, most similar, and physically closest comparable sales and listings possible (to the subject), verifying the sales, then putting them in a spreadsheet-style grid. Adjustments are made for attributes that are different than the subject's, and the sales' adjusted values are reconciled using a weighting scheme (best comparable gets most weight). At least three recent closed sales (within 6 months) are used, along with one or two active/pending listings (exception: retrospective appraisals do not include active listings), for additional support. We expand the search parameters as necessary to find the best indicators of value, so it is not unusual to have comparables over a mile away, for example, and we might use additional sales which are over six months old for added support. Commentary is provided to help the user understand the appraiser's reasoning. The reports are packed with detail and are written in a highly readable first-person voice.
What about price per square foot?
Although real estate agents frequently rely on price per square foot to estimate value, this is not considered an acceptable method for residential appraisal practice. This metric does not account for amenities such as pools, car storage, updating, parcel size, view, and a host of other non-size-related factors. Although it is shown on most appraisal forms in the sales comparison grid, it is not considered a legitimate basis for an appraiser's value opinion.
Are you the same as a home inspector?
No. Home inspectors are trained to evaluate the physical condition of the improvements. Their inspection of a property is much more intensive than an appraiser's. Appraisers usually only comment on readily observable defects, and the scope of inspection is limited. Landsman Appraisal LLC appraisers are not home inspectors or home repair experts. A full home inspection is always recommended if there are concerns about the condition of the house.
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