What is the process you go through to do an appraisal?
An appraiser is contacted by a lender or other client, and is given an assignment to estimate the value of a home.
We utilize historical housing sale data, known as “comparables” or simply “comps”, to help us determine the current value. At Time Saving, we try and stay within 3 months to get the most accurate current picture, but are allowed to go up to 12 months if nothing more recent is available.
If you bought a home last year, it was probably a little easier for you than buyers today, who have little to choose from with a noted increase in asking prices. This all has an affect on value.