Why do appraisals vary so widely in Villas of St. Andrews?
1,460Whether calculating the land values/sq ft or structure values/sq ft, the tax appraisals are all over the place. Surely the homes' values are not THAT wildly different?
3 answer(s)
About 2 years ago
Appraisals vary appraiser to appraiser. There are many factors that could change a value one of which being the appraisers mood.
Like (1)
DislikeAbout 7 years ago
Dear Lynn,
Before we jump into the conversation, there are a few words that we need to define clearly:
Appraisal - An opinion of price that in the state of Texas must be given by an individual who has passed the requirements of the State of Texas to become an Appraiser
Value - What a buyer feel a home is worth (subjective)
CMA (Comparative Market Analysis) - An opinion of Price that a Real Estate Agent may give
Going back to your question, Appraisal prices can vary greatly because the appraisers are people and make mistakes sometimes in favor of the property sometimes to the detriment of the property.
Let me know if you have any Real Estate issues that I can solve,
Best Regards,
Dominik Szabo
UTR - TEXAS REALTORS
(832) 844 1724
DominikRealtor.com
** The Doctor of Real Estate in Houston Texas **
" Professional, Courteous, and Informed "
Before we jump into the conversation, there are a few words that we need to define clearly:
Appraisal - An opinion of price that in the state of Texas must be given by an individual who has passed the requirements of the State of Texas to become an Appraiser
Value - What a buyer feel a home is worth (subjective)
CMA (Comparative Market Analysis) - An opinion of Price that a Real Estate Agent may give
Going back to your question, Appraisal prices can vary greatly because the appraisers are people and make mistakes sometimes in favor of the property sometimes to the detriment of the property.
Let me know if you have any Real Estate issues that I can solve,
Best Regards,
Dominik Szabo
UTR - TEXAS REALTORS
(832) 844 1724
DominikRealtor.com
** The Doctor of Real Estate in Houston Texas **
" Professional, Courteous, and Informed "
About 7 years ago
Hi Lynn,
Value, in general, is subjective.
As the owner of a local, residential appraisal co, I can tell you that appraisal district (tax) appraisals, an appraisal done by an appraiser for a lender, appraiser doing a "blind" appraisal for your personal info, and market value (whether based on sold comps or looking at placement in the market based on active and pending properties) can all vary based on the values/adjustments given.
While value is based on the support of similar properties in the neighborhood/area, no property is exactly alike. And, while there are some "standard" adjustments that are common in the appraisal community, when adjustments are made for differences when compared to the subject property (your property), depending on the values associated with the adjustment, you could literally get 10 different values when asked by 10 different appraisers. That being said, each of these values should still fall within a certain range as the neighborhood will support a range in property values (depending on a variety of factors). Of course the more expensive the property, the more room for variation.
In short, the value of a property goes well beyond price per square foot and lot price per square foot as both are only taking into account (literally) the square footage of the home and lot. Other important differences (in which a value is given for differences) are - pools, outdoor kitchens, patio structures, number of garage spaces, quarters, number of baths and half baths, updates to flooring, baths, kitchen, location of lot (water front, interior lot, backing to road, etc), etc. etc. etc... the list goes on. While the most comparable properties are chosen to compare against yours, no property is exactly the same and there will be some level of adjusting (especially given the availability of properties to compare against).
Feel free to reach out for more info!
Darby Grimmett / KW / darby@darbygrimmett.com / 936-827-9217
Value, in general, is subjective.
As the owner of a local, residential appraisal co, I can tell you that appraisal district (tax) appraisals, an appraisal done by an appraiser for a lender, appraiser doing a "blind" appraisal for your personal info, and market value (whether based on sold comps or looking at placement in the market based on active and pending properties) can all vary based on the values/adjustments given.
While value is based on the support of similar properties in the neighborhood/area, no property is exactly alike. And, while there are some "standard" adjustments that are common in the appraisal community, when adjustments are made for differences when compared to the subject property (your property), depending on the values associated with the adjustment, you could literally get 10 different values when asked by 10 different appraisers. That being said, each of these values should still fall within a certain range as the neighborhood will support a range in property values (depending on a variety of factors). Of course the more expensive the property, the more room for variation.
In short, the value of a property goes well beyond price per square foot and lot price per square foot as both are only taking into account (literally) the square footage of the home and lot. Other important differences (in which a value is given for differences) are - pools, outdoor kitchens, patio structures, number of garage spaces, quarters, number of baths and half baths, updates to flooring, baths, kitchen, location of lot (water front, interior lot, backing to road, etc), etc. etc. etc... the list goes on. While the most comparable properties are chosen to compare against yours, no property is exactly the same and there will be some level of adjusting (especially given the availability of properties to compare against).
Feel free to reach out for more info!
Darby Grimmett / KW / darby@darbygrimmett.com / 936-827-9217
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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