What's the Difference?

Hi, my name is Jose Perez with Keller Williams Realty. I want to share with you guys today the difference between an appraisal, and a home evaluation done by a professional Real Estate Agent like myself.

 

Definition of an Appraisal

So first we have an appraisal. The definition of an appraisal means an opinion of value. So the appraiser, he's actually going to put in thousands and thousands of hours of doing appraisal work before he can actually get his license and do appraisals on his own. The biggest difference is that they look at the past. They look at what homes sold for over the last six months in order to determine what the value is of your home.

 

Professional Home Evaluation

Now on the flip side, a home evaluation done by a professional agent like myself, we look at the past as well, but we also look at the present and the future. Meaning we're going to look at what the homes have sold for. In addition to that, we're going to find out what's currently in escrow, what is pending, and in addition to that, we're going to find out what's currently active on the market today. The reason why that's important because just like in high school where you studied economics and they talked about supply and demand, if there's no properties out there that are available in your area and your house is the only one that's available, supply and demand is going to kick in. So we look at the past, the present and the future. That's the biggest difference between a home evaluation and an appraisal.

 

Want More Information?

Until next time, please stay tuned or visit our website for more information joseperezandssociates.com.