What's up guys? This is Dr. Adrian A. Gentry, AKA Dr. Real Estate Jax with a housing update for the month of October to help buyers, sellers, and investors understand what's going on in the market
What You Should Know About the Appraisal Process in Jacksonville Fl
Dated: October 26 2020
A good real estate agent can help walk you through the appraisal process, but you can also go through it on your own if you plan to sell your home yourself.
A typical, single-family home appraisal in Jacksonville will range from $300 to $500. The price varies depending on the size of the home, the value of the property, condition of the property, and the level of detail involved in the appraisal. A house near Jax beach that’s 3000 sq ft with 5 bedrooms and 4 bathrooms will most like cost more than a house you find on the westside of Jacksonville that is half that size.
In some areas, an appraisal is more expensive than in other areas. An appraisal is done by a licensed professional. While some homeowners do hire an appraiser at times other than when buying or selling a home, it’s typically only reserved for when a home goes on the market.
However, there are times when the homeowner is looking to refinance the home to lower the mortgage or take out a loan against the equity - so then an appraisal has to be done.
A home price set by a homeowner doesn’t always accurately reflect the true value of that home. Note: (Zillow estimates are not an accurate source of value and should never be used to set home prices.) Features, size, location, comparables, and shape that house is in dictate the price. I once spoke with a customer that was interested in selling her and based on a Zillow Zestimate she believed he home was nearly $400,000. The reality, it was worth, at max, $40,000!! But it was grouped with homes in Springfield that were of similar size.
A house that’s in need of repairs doesn’t always match the asking price and an appraiser can determine this. This professional takes into consideration where the home is located, what upgrades have been done, and the kind of neighborhood and values of the surrounding homes.
The purpose of an appraisal is to prevent potential buyers from paying more for a home than its true value. It protects the lender and the buyers! A buyer doesn’t want to buy a home that’s upside down and can’t be resold nor does a bank or mortgage company.
The appraiser knows the parameters for correctly determining your home’s values. He also knows what the state’s laws are concerning the process.
When the appraiser comes out to your home, he will be looking at how many bedrooms and bathrooms your home has. He’ll also measure the square footage of your home to make sure it’s accurately described. He’ll look at the outside of your home and check things like the exterior walls, the shape of the windows, and the roof.
He’ll look at porches and decks and see if there are any extras that add to the home’s value. Inside the home, he’ll check to make sure that everything’s in working order.
He’ll provide photographs of your home to back up his analysis of the appraised value. Getting an appraisal done can help make sure that both parties in a sale are aware of any potential issues.
To get the most money for your property, I often suggest that an inspection or an appraisal be done on your property when you first think of selling your house. It gives you time to fix anything that could possibly lower the value of the home. Paying $400 upfront could yield thousands on the sales price.
If you are wondering what your home may be worth, I would be glad to help you. Give me a call or shoot me an email and we could set up a free consultation.
Your Jacksonville Realtor,
Dr. Adrian A. Gentry,
Dr. Real Estate Jax
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