Real Estate Appraisals in Vero Beach Florida 

For those living or thinking about buying a home in Vero Beach, FL, there are several important steps that must be followed. One of the most important is a real estate appraisal which determines the market value of the property. In Vero Beach, as with any other location in the US, the outcome of the appraisal will have a major impact on the sales price. Therefore, it is important to understand how real estate appraisals in Vero Beach FL work. 

Separating Fact from Fiction in Real Estate Appraisals

There are several myths that some people may believe about how a real estate appraisal is performed, who does the work, and whether it covers the same ground as a home inspection. The more you know about the appraisal process, the better-informed decision you can make about whether to buy the home or make the necessary repairs when selling your property. 

What follows are some common misconceptions about the appraisal process along with its value in buying or selling homes.

A Real Estate Appraiser is Independent: No matter who hires the appraiser, they are not influenced by them when making their determination. The goal is to have an independent appraisal of the property. 

An Appraisal is Based on Several Different Factors: In other words, there is more to appraising a home than looking it over or checking recent home sale prices. There is a considerable amount of work that goes into determining what is a fair market value for the home. 

• Square Footage: The total size of the home and property

• Notable Features: How many bedrooms, bathrooms, and anything distinguishing about the home

• State of Repair: Any outstanding repairs needed that affect the sale value 

In addition to what is found inside the home, there are factors that are researched outside the property itself. 

• State of the Community: Includes connectivity, schools, crime report, and more 

• State of Real Estate Market: The health of the market inside the neighborhood

• Average Sales Times: Includes properties similar to the one being appraised

• Rising or Falling Values: Sales prices tracked over the past year or more 

When adding all these factors together, a fair market value price can be reached. 

An Appraisal is Not a Home Inspection: On the surface, a real estate appraiser conducts an inspection of the home, but only for the purposes of determining its value. This is different than a home inspector who looks for every detail and flaw in a property. An appraiser will take note of the obvious, but flaws or features that have no impact on the sale value of the home will not be included in the report. 

The Appraisal in Not the Final Word: If you have evidence, you can challenge the appraisal of the property if you can show it was not included in the determination. An obvious repair is an example of evidence that affects the property value. 

For those living or who want to buy a home in the Vero Beach area, getting a proper real estate appraisal is a vital part of the process. The more you know about real estate appraisals in Vero Beach FL, the more confident your decisions will be about buying or selling a home.