Ways In Which A West Palm Beach Property Appraiser Calculates Home Value

There are specific ways in which a real estate appraiser will determine the market value of your home. To calculate the actual market value the appraiser requires several relevant information and data. From this information, the value of a residential or a commercial property is evaluated by following the most common method that is known as the Comparable Sales Price Approach. It is required to use all available market data of all similar homes that may have sold in the last six months in a certain distance from your home.

Use Latest Data

Usually, no West Palm Beach Property Appraiser will use any old data. They will rely on data that are not more than six months old. This is due to the fact that older the data the less accurate will be the calculation which is essentially based on the current and prevailing market rate. Ideally, reliable appraisers will insist and work on values and data that are not more than three months old, less the better. Also, the appraiser will resort to similar homes only. Therefore, if you own a ranch home the appraiser will consider the value of a similar ranch and not that of colonials.

Make Necessary Adjustments

The appraiser will then make the necessary adjustments to the value taking into consideration all the features and characteristics of the other similar home. The bedrooms, the baths will be considered and if your home has more rooms as compared with the other then the adjuster will use the other home as ‘comp’ and make necessary adjustments to balance the excess rooms. Apart from that location, age, condition, and amenities are also considered by the appraisers of an Independent Adjuster Firms In Florida to determine the value.


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