Unveiling the Appraisal Process: What Homeowners Need to Know

Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market.

Glastonbury's single family home update:

In the last 7 days we have had 17 new properties hit the market and I have seen many calls for highest and best offers already. Buyers have been anxiously awaiting new homes to hit the market after a lack-luster August. If you have been sitting on the fence and wondering if you missed the market, you have NOT, Buyers are still very much on the hunt for a place to call HOME. We are still seeing multiple offers with little to no contingencies.

Appraisals – What does an appraiser do exactly?

First, they are hired by the bank through a 3rd party vendor. When evaluating a property they look at location, quality, condition, gross living area, When making price adjustments and assigning value to things in a home, appraisers tend to look at the quality and condition of the amenities, such as kitchen cabinets, counters, appliances, flooring and such.

Comparable homes used to help establish value will be heavily weighed based on things like location, condition, gross living area, and lot size.

Appraisers look to grade a house based on quality of materials and updates such as age of roofs, HVACS and overall maintenance condition. Appraisers use UAD: Uniform Appraisal Dataset. The UAD is a standard set of terms and definitions to use in their appraisal reports to help improve their quality and consistency.

There can be a lot of subjectivity in appraisals. It is one person’s opinion about the value. If an appraisal comes in too low, you may have an opportunity to point out a mistake or an overlooked comparable. An appraiser is under no obligation to change their finding which may lead to some buyers requesting a 2nd appraisal.