Appraising in Hunterdon County is similar to appraising in counties that are farther east in some ways and different in others. When appraising residential property, the sales comparison approach is always the dominant way to determine fair market value. In this approach, the appraiser will gather information about the subject property (or property to be appraised) and then research comparable sales that have sold recently on the Multiple Listing Service (MLS).

As a real estate appraiser, I’ve been asked many times what my approach is to determine fair market value. While there are three main approaches to value (income, cost, and sales comparison), for residential appraisals the sales comparison approach is almost always used. The other two approaches are more often used for income producing properties and unique structures.

The real estate appraisal is a key component to any purchase or refinance transaction. Some people fear of the dreaded low appraisal, since it could essentially cause a deal to fall through, however there are a number of ways you can plan and prepare to make your home’s best impression.

Would you ever leave the value of your home to luck? Maybe I’ll list my home at $10,000,000 and see if I get lucky.