You are thinking about selling your home and you don’t have a good idea about the fair market value. There are several ways you can obtain more information. The most common is likely speaking with a local realtor (or several) who will provide a CMA – Comparative Market Analysis. Perhaps you don’t want to go with a realtor and try to sell on your own. Please don’t make the mistake of relying on Zillow to determine the value of the house. Zillow may have you thinking of an inflated value or worse, you might be leaving money on the table. The last and most informative option is to hire a licensed appraiser who will provide an accurate home appraisal report.
Of course, you could get both a CMA and an appraisal report if you are looking to sell you home. So, what is the difference between a realtors CMA and an appraisal report by a certified license appraiser?
A CMA is provided by a realtor. The first thing they will do is go to your home and take some notes. They will look at the room count, style, quality, and condition. They will also access the online tax records to obtain information like the home’s square footage, lot size, age, and taxes. They have access to the MLS (Multiple Listing Service) and will select comparable homes in the market and enter them into their sales grid. This is a grid that will provide a general ballpark of the value, depending on the relevancy of the comparable sales selected. If there are not a handful of very similar sales that have sold recently, the CMA becomes less dependable. A benefit of the CMA is working with a local realtor who may know the market well and there is no cost to have a CMA completed. A CMA can provide some good information, however there are a lot of details that are excluded as compared to an appraisal report.
Adjustments are quantitative monetary changes made to the sale price of comparables which will assist the appraiser in reconciling fair market value.
An appraiser will go to your home and measure the exterior to calculate the square footage of the home. The tax records are not always accurate. The appraiser will take photos of the interior and exterior and also look at the condition, quality, and style. Notes will be taken on basement finish, central air conditioning, garage bays, exterior amenities, and more. The appraiser will also select similar comparables to the property being appraised and make adjustments for all of these differences. After the adjustments are made, the appraiser can review the adjusted values of the comparables selected and determine a fair market value.
Obtaining a private appraisal report will be for your eyes only. In other words, the information from the appraisal will not be shared with any other parties. This includes the town for assessment and taxes, the potential buyers or the potential sellers of the home.
Realtors are valuable resources and perform an important role in the real estate industry. Another difference between a realtor and an appraiser is realtors have skin in the game. Meaning, they may tell you strategies to list high to leave room to negotiate, or to list low and draw demand. An appraiser is an independent third party providing an objective unbiased fair market valuation. When it comes to selling your home, make the intelligent decision of knowing the fair market value by calling American Realty Appraisals at 908-233-1337.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result