The current boom of home sales in Greenville and the surrounding areas has led some to wonder whether to schedule a home appraisal before putting their home on the market, refinancing it or selling it. We went to Paul Ryll of OMMA to get some professional answers to common questions about just how much your home may be worth.
Q. What reasons other than buying a property would I order an appraisal?
A. Appraisals are beneficial for many purposes. When renovating a home, it could be useful to have an appraisal performed that is subject to the completion of the renovations. Appraisals are also beneficial for pre-listing a home since of late the real estate market has been fluctuating exponentially.
Q. How long should I expect an appraisal to take in today’s environment?
A. There are a lot fewer appraisers in the market due to COVID-19 and the number of transactions has increased dramatically. One way to combat this and exponentially shorten transaction time is to ask if a “desktop” or exterior appraisal can be ordered with the help of a third-party software such as Oscar Mike Mobile Appraisals (OMMA). The process can take the time of the appraisal transaction from 45 days to 3 days.
Q. Is there anything I can do to impact my home’s appraisal?
A. Make sure your home is tidy. Realtors recommend turning as many lights on as possible. We think a beneficial preparation is to have an itemized list of any upgrades or recent renovations that have been performed to the house to give to the appraiser.
Q. What is the difference between assessed value, appraised value, market value and sales price?
A. Assessed value is determined by a city, county or state assessor to calculate property tax.
Appraised value is set by a licensed or certified appraiser and could vary depending on the type of assignment that is contracted (as-is value, as-repaired value, subject-to completion value, retroactive value).
Market value is the current value to the market of a property. Sales price is the transaction price agreed upon by a buyer and seller of a property.
Paul, a former Marine, is the founder of OMMA. His focus is on a digital platform to streamline appraisals that will save the homeowner money, time and hassle.