Determining the Value
We buy and sell things every day. Most of these transactions are based on the seller’s assessment of the value of the item being sold. We make our purchasing decision based on our knowledge of the pricing of these items in the general market. The same is true when we decide to sell our used car or other items around the house. Based on our research, we price these articles according to what we think they might be worth. Our data probably comes from what it cost us or what we have seen the same product selling for somewhere else. We are establishing what we think is the fair market value. When dealing with real estate transactions in an area like that around Kelowna, BC, one will need to work with someone who is familiar with Kelowna and Okanagan real estate appraisals.
Appraisers look at the physical characteristics of the property, such as the size of the lot and the building on it, what kind of shape the structure is in, and how it compares to other properties similar to this one. Kelowna and Okanagan Real Estate appraisers must also understand the strength or weakness of the local market. These and other factors enter in to the calculation of the current market value of the property. These appraisers are trained, certified and state licensed professionals that understand all the components that determine the fair market value of the property. This value is in turn used by lenders as the basis for loans.
Deciding on an Appraiser
You may be saying by now, “All I want to do is sell my house. I don’t want to become an expert in the housing market.” You don’t really need to know much about market value and the volatility of the real estate market if you choose your appraiser carefully. The key for any real estate buyer or seller is to understand the appraisal. Make sure you ask enough questions to understand what you have. A reputable, well chosen appraiser will spend the time necessary to explain the content of the appraisal.
When it comes to selecting an appraiser, local is better because a key to the appraisal is an understanding of the market in the surrounding area. For instance, an area that attracts a lot of people, such as the Okanagan Valley of British Columbia, would probably appraise higher than similar property in another area. Someone who does Kelowna Real Estate appraisals would know that and factor it into their appraisal. Obviously, someone whose business is appraising property in the Kelowna area would be in the best position to know this information. In addition, a firm like Kelowna Appraisals, LTD, who has been in the area since 1978, would have access to better information than a firm with less local experience.
Joseph Caruso & Les Skelton are the Owners of Kelowna Real Estate AppraisalsYour Okanagan & Kelowna Real Estate Appraisers head quartersNumber 1 for Okanagan Real Estate Appraisals
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