How are NC and SC home appraisal estimates done?
Typically, home property value estimators or home appraisers use the Sales Comparison Approach to determine current market value of your home – the home price estimate. The Sales Comparison Approach involves collecting information on recently sold homes (ideally sales that have closed within the past 90 days) that are similar to the house that is being appraised.
We select comparable homes, in SC and NC, that are the most similar to the Subject property in terms of location, livable area (SqFt Under A/C), room count, age, condition, upgrades, site size, view (Lake, Golf Course, Ocean, Etc.) and amenities such as a pool and/or garage. We find these recently closed comparable home sales by researching the M.L.S. also known as the Multiple Listing Service (This is the Realtors System used to list and sell real estate) and Tax Records. From this research, we narrow down the recently sold comps to a minimum of three sales that are the most similar to the property that is being appraised and put the comparable sales into the home appraisal report.
Positive and negative adjustments are made to the comparable sales for differences between them and the Subject (Such as for Condition, Upgrades, and Livable Area). From this, we get the adjusted sales prices of the comparable sales and the appraiser reconciles these adjusted values to determine the final home appraisal value estimate.
Steps Taken to Calculate Property Home Values:
- Research the market to obtain information pertaining to closed sales, active listings, pending sales that are similar to the subject property.
- Investigate the market data to determine whether South Carolina home values or North Carolina home values are factually correct and accurate.
- Determine relevant Homes of comparison, and develop a comparative analysis for each.
- Compare the house being appraised to comparable home sales according to the elements of comparison and adjust the home price estimate as appropriate.
- Our certified valuation analysts will reconcile the multiple value indications that result from the adjustment of the comparable sales into a single home value indication.
As a rule of thumb, the house appraisal should be somewhere between the sale prices and the adjusted values of the comparable sales used in this report. For additional questions and further explanations call our appraisers at For What it’s Worth Appraisals, our home property value estimators have helped several homeowners through the South and North Carolina counties of Georgetown, Horry, and Brunswick; we’ll be happy guide you through the process, call us at 843-808-1533
Getting The Most Out Of Your Home Appraisal Estimate In North And South Carolina
If you are trying to achieve maximum market value for your property, there are a few things to consider BEFORE hiring an appraiser. Since the overall condition of a home will impact the appraised value, performing minor and major repairs prior to scheduling an appointment is a good idea.
Some of the easiest way to improve the overall condition and appearance of the home would be things like interior and exterior paint as well as having carpets and flooring thoroughly cleaned. Also, crown molding is a fairly inexpensive and impressive looking upgrade that can be done over a weekend.
More costly issues such as poor roofing, foundation problems and damaged siding should also be considered in your repairs list. These items will have a great negative affect on values because they are considered condition issues, not just quality of construction.
How much are home appraisals in South Carolina and North Carolina?
North and South Carolina Home Appraisal costs vary by the type of structure, purpose, scope and use, please call our office at (843) 808-1533; our home property value estimators will be happy to answer all of your residential property appraisal questions, as well as look at the up to date appraisal costs for South and North Carolina properties.
Is a Home Appraisal the same as a home’s asking price?
No, the home appraisal’s estimated value is not the sale or asking price of a home — it is an estimated value of what the home may be worth. The seller’s asking price is determined by the seller and can vary greatly from the estimated appraisal’s value.
Why do I need a Professional Home Appraisal to Determine my Home's Value?
You’ll need a home appraisal if you’re buying, selling or refinancing your home. It is important to determine your home’s value as it can better help you tap into your home’s equity, our appraisers in South Carolina and North Carolina are expert home value estimators and will be glad to provide you with fast and affordable home appraisal estimates. Calculate your home‘s value today, call 843-808-1533 today.
Are South Carolina Home Appraisals Required?
Home appraisals are a standard requirement for the majority of real estate financial transactions. Whether you’re looking to sell or buy a property in South Carolina, it’s wise to familiarize yourself with the home appraisal estimate process, call For What It’s Worth Appraisals at for an estimate and appraisal on your residence, our home value estimators will be happy to help you.
Are Residential Appraisals Required in North Carolina?
In order to obtain a mortgage loan for purchasing a property, it is typically mandatory for all lenders to request a home appraisal, making it an essential step in the process.
What is a Home Appraisal?
A home appraisal is an estimate of a home’s market value.
Do appraisers use pending sales to calculate home values?
The short answer is “yes”. During a home appraisal, North Carolina and South Carolina Home Appraisers have three options for comparables (comparable homes for an appraisal). These are:
- Pending Sales.
- Closed Sales.
- Active Listings.
What Does ‘Pending Sale’ Mean In a Real Estate Home Appraisal?
When a home sale is marked as “pending sale,” it indicates that the home seller has accepted a buyer’s offer and all necessary contingencies have been resolved. This includes signing the contract and progressing through the final stages of escrow.
It’s important to note that despite being close to completion (a closed sale), the house has not officially been sold. If a real estate listing shows a pending sale status, you still have the option to make an offer on the property. However, it’s essential to understand that the seller will likely give priority to your offer only if the current pending sale falls through.
Can Pending Sales be used in a home appraisal in SC or NC?
As previously stated, “Pending Sales” are utilized in home appraisals, but they typically serve as the final type of comparable used. It’s important to recognize that a “Pending Sale” is often considered the most favorable sale for home appraisal purposes.
A “Closed Sale” provides historical data, representing what has already occurred in the past.
An “Active Listing” involves a calculated estimation of the list price to sale price ratio, making it less concrete.
However, a “Pending Sale” is a current transaction that closely reflects the ongoing market conditions at the time of the subject property’s valuation. This timeliness enhances its value as a “comparable” in the home appraisal process for South Carolina or North Carolina properties.
In Home Appraisals Not all Pending Sales are the same.
Generally, regarding home appraisals in South Carolina or North Carolina, a “pending sale” holds more weight and significance if it meets certain criteria. Specifically, a superior “pending sale” is one that has been fully executed with both parties signing the contract and agreeing on the contract amount. Additionally, it should have obtained a favorable title policy and appraised for the contract price or even higher.
In contrast, a “pending sale” that merely consists of an offer from an interested buyer, without meeting the aforementioned conditions, is considered less reliable and influential in the home appraisal process
South Carolina and North Carolina Home Appraisals
Affordable Home Appraisals in South Carolina and North Carolina: 843-808-1533