Round Rock Home Appraisal

Why Do Appraisers Take So Many Pictures?

2016-10-17T23:46:17Z

Is It Necessary For An Appraiser To Take So Many Photos Of Your Home?

Some homeowners find it a little annoying and unsettling when appraisers seem to be spending so much time taking pictures of every single room in their home along with every nook and cranny. As annoying as it might seem, you want your appraiser paying attention to details.

Photos Speak Volumes:

Appraisers have paperwork that must be filled out, unfortunately they are not given a great deal of space for details. Incorporating photos into the report gives the overall report a great deal more accuracy as to the condition and appearance of a home and credibility to the appraiser.

Photos also show the consistency and quality of construction and upgrades. Photos can also pick up detailing such as flooring, crown molding and built-in items such as bookcases or entertainment centers.

Will Keep An Array of Homes Fresh in Their Memory:

Appraisers are not just visiting one home within a short period of time. They can easily cover up to ten homes during a short period of time and through various active seasons. Let’s face it, this would be almost impossible for anyone to remember in great detail. It’s pretty difficult for an appraiser to remember all the details of one specific home. Photos are a great way to refresh their memory and ideally backup their written reports.

Banks Want Accuracy:

Banks lost a great deal of money, especially when the real estate market crashed. They lost money on loans because the actual value of a residence was not evaluated correctly by the appraiser. Banks have increased their requirements from the appraisers. Because the quality of collateral of a loan is secured by the bank, it has become imperative that these appraisals are accurate. Taking photos has become a major requirement by the banks.

The Increasing Number of Photos and Subjects Have Increased:

Years ago, the only pictures taken of a property were the front, back and a few neighborhood images. Today, pictures have increased to cover every room, every side of the house, more neighborhood/street images along with any repairs needing to be done due to damage.

Underwriters at the bank study these photos and decide whether they substantiate the written report from the appraiser. It is up to the appraiser to provide a very accurate, detailed and clear description of the property within their report. In turn, they must back up these reports with a great deal of photos. This protects the appraiser’s reputation along with the homeowner’s added investment. Should their be any disputes, these photos are available.

In Conclusion:

A homeowner who has spent a good amount of time and money to bring the value of their home up, accuracy should be highly expected and appreciated. Photos not only backup the appraiser, but also the homeowner. Possibly the appraiser is not giving the value you were expecting from their inspection. In that case, when banks study the photos, they might side with you and feel the property is worth more than was originally believed by the appraiser.

The post Why Do Appraisers Take So Many Pictures? appeared first on Round Rock Home Appraisal.

Cash Buyer? You Still Need an Appraisal

2016-10-17T23:46:18Z

An appraisal of property serves the benefit of both the seller and the buyer. This not only makes sure the price listing for the property is fair but also to insure the buyer isn’t overpaying.

Paying Too Much For Too Little

Cash buyers are not looking into financing, but caution is still be practiced. Purchasing a home is the largest investment most people will ever make in their lifetime. You want to be sure that what you are paying for is worth the price tag.

Compare Various Other Homes On The Market

What an appraiser places on a property is one thing but it should not be the only thing for a buyer to consider. Doing a little homework can provide other valuable information. Comparing other homes on the market by the style of home and the floor plans. The materials within the home such as hard floors vs carpet, new windows, new roofs, etc. The actual layout of a home can play a pretty important part of market value. If a particular floor plan is rather out dated, will you have problems selling it ten, twenty years down the road? Would you be doing your own renovation over a period of time? Will your renovations bring the property up when it’s time for you to sell?

Is the neighborhood on an incline or a decline? Home values are affected by these situations.

Your Negotiation Skills

Keeping the appraisal of a home realistic in your own mind is very important! Sellers might not always be thrilled with the appraiser’s findings, but it keeps the buyer protected from those who would overprice their homes. Buyers, in turn, should protect themselves by knowing the true market value when making an offer on property.

Property Taxes

On the upside, if an appraisal has come in less than the tax assessments, the sales information could be utilized to lower the taxes of the new owner after purchase has completed. Keep in mind, local taxes are not recognized when purchasing property that has come from a bankruptcy. Bankruptcies are usually auctioned off and therefore you could pick up a home for less than the appraisal so taxes will not alter.

Make Sure All Agreements Are Met

In many cases, the buyer and seller will come to an agreement on some issues before the buyer will purchase. If the seller is willing to replace an aging roof, replace poorly stained carpet or a broken window get it in writing. You should have a check list and make sure everything has been carried out before committing. A buyer may walk out on a deal if these repairs are not performed. So have a copy of the agreement long before you walk into the closing.

In Conclusion

There are many reasons why cash buyers want to hold on to appraisal information. It’s much easier to know you are getting a good deal or proper deal when purchasing a home than to get hoodwinked. The significance of knowing the appraisal will give the buyer many benefits as well as protection from overpaying for property.

The post Cash Buyer? You Still Need an Appraisal appeared first on Round Rock Home Appraisal.

Teravista Housing Market Trends

2016-10-17T23:46:18Z

Date: 6/23/2013

Real Estate Market Trends For: Teravista

Introduction: Teravista is a master planned community located in North Round Rock; its boundaries are North at Scenic Lake, East at A.W. Grimes Blvd, South at University Blvd and West at I-35. This golf course community is located in the Round Rock ISD with parts expanding into nearby Georgetown ISD. In order to stay true to RRISD’s philosophy of building neighborhood schools, Teravista has its own community elementary school located within the 1,555 acre community. Additionally, students in Teravista have the choice of attending Union Hill Elementary, Hopewell Middle School, and Stony Point High School.

With its 18-hole golf course, entertainment packed residents club and miles of greenbelts, the wide selection of amenities is what truly sets this neighborhood apart. A great place for families of all sizes, Teravista has homes from 1,500 square feet to over 5,000 square feet and ranging in price from $160,000 to over $575,000.

Inventory and Sales: The neighborhood is currently experiencing quite a boom with sales up 55% over the last year. Total number of homes sold in the past 12 months is right at 208 with 117 currently listed for sale. With an absorption rate of around 17.3 homes per month, this puts inventory levels right around 6.8 months – meaning if no other homes were listed on the market, all homes would sell in just under 7 months.

Distressed Sales and Listings: Distressed sales include short sales and foreclosures or bank owned properties – these are fairly rare in Teravista. The overall number of distressed homes that have sold in the last 12 months in below 10%, which is the typical threshold before these types of sales will have any impact on nearby home values. Distressed sales are actually lower over the last year, making up only 5.8% of total sales volume.

New Homes and Construction: Construction is still ongoing in this sprawling community. Newer sections have open in the North and cross into Georgetown ISD. New home builders include CastleRock Communities, Centerra Homes, D.R. Horton, Lennar, Partners in Building, Ryland Homes, Spicewood Communities, Village Builders and Wilshire Homes.

Overall Market Conditions: Overall the trends and sales stats for this community indicate a strong market with around 10.6% appreciation in median home values over the last 12 months alone. This, coupled with continued low days on market and increased sales volume are all positive indicators for the market. Currently, median sales prices are the highest they have ever been.

Click Here to Download the Report

This report was created utilizing data from the Austin MLS system, as input by local Austin Realtors. This report should be considered a “Macro View” of the market. Only single family housing trends have been analyzed and while they represent the majority of real estate sales in the market area, this report should not be considered all encompassing. If you would like a more precise analysis of a specific segment within this market area, feel free to give us a call!

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