LBI Real Estate Property Appraisal
- High Tides Digital Marketing
- Nov 10, 2019
- 3 min read
Property Appraisal in the Long Beach Island NJ Real Estate Market
Long Beach Island Real Estate
Appraisals are required for and are an essential step in any Long Beach Island real estate purchase requiring a mortgage. Therefore, LBI real estate property appraisals are very common for buyers in this market. This evaluation is the opinion of value by a licensed and trained professional. This professional has been hired to evaluate the cost of a home for the benefit of the bank in the open market. The appraisal and overall estimates of value are done to ensure that the asset which the bank is going to collateralize is worth enough to justify the loan. Understanding Long Beach Island property appraisal is an essential step to buying any home in the LBI real estate market.
LBI Real Estate Property Appraisal
Appraisals are required for and are an essential step in any Long Beach Island real estate purchase requiring a mortgage. Therefore, LBI real estate property appraisals are very common for buyers in this market. This evaluation is the opinion of value by a licensed and trained professional. This professional has been hired to evaluate the cost of a home for the benefit of the bank in the open market. The appraisal and overall estimates of value are done to ensure that the asset which the bank is going to collateralize is worth enough to justify the loan. Understanding Long Beach Island property appraisal is an essential step to buying any home in the LBI real estate market.
Understanding Long Beach Island Property Appraisal
Understanding LBI real estate property appraisal can help a buyer make a smart investment. An appraiser will customarily follow these steps:
The appraiser will tour the subject property in person
The appraiser will assess the subject property in relation to other recent sales
Adjustments will be made for the variations between the homes to settle the actual market value of the subject property
When an appraiser visits a home in person, he or she will take dimensions of the rooms and building, draw a floor plan, take photos, and note specific features such as a view and footage to the shore. The challenge in such a valuation is that an appraiser must estimate the subject home relative to other recent sales. Unless the appraiser has individually visited the other recent sales in the LBI real estate market, he or she must make judgments based on the limited information available online. As we all know, photos can make a home appear better or worse than it is. These illusions can skew the data and cause a higher or lower valuation. The more involved appraisers will usually call the listing agent who sold the house to verify their data. Once the comparisons have been made, the appraiser will adjust for differences between the homes to determine the accurate market value of the subject property.
Buying in the Long Beach Island Real Estate Market
In most cases, property appraisals work out just fine in the LBI real estate market. It is surprisingly uncommon to have a low appraisal valuation. The overall strength of the LBI real estate market and the value of the land helps to ensure this. Even older homes with an outdated or unsafe structure can still trade for millions of dollars! This is due to the potential of the land as a building site. When dealing with property appraisal, it is crucial to understand the process, so if an issue does arise, you can be adequately prepared to contest the findings if need be. If you have any questions about buying, selling or investing in the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
