Real Estate Broker Price Opinion – The Importance of Hiring a Local Real Estate Appraiser to Value Your Property

Posted on Aug 30, 2011 in Mortgage Info

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by robswatski

Belize Real Estate Investment Security

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by Dave-F

This Year Real estate prices in Armenia will Stay Unchangeable

“Till the end of this 2011 year there would not be any changes in the  Armenian real estate prices”, information pills announced the executive director of the Association of Mortgage Market Participants Edward Oremyan.
As to him, nowadays the demand for the real estate in Armenia is high enough, but the further development of the real estate market depends mainly on the improved demand of customers. Mr. Oremyan also mentioned that the level of solvency of Armenian population has not increased, which has a direct impact on the Armenian real estate market.
According to the State Real Estate Cadastre, the number of real estate transactions recorded in the first quarter of 2011 year increased on an annual basis by almost 28% to 36.499$ . The rising of the prices for the quarter ranged from 1.5-3% depending on location. Hence, according to the inventory, the average prices of the metropolitan housing in a tower block set at the level 271.000 AMD per sq.m and in private housing -281.000 AMD per sq.m. In regions the highest prices of houses have been established in cities such as Abovyan and Vagharshapat (starting from 160.000 AMD per sq.m), Ashtarak, Goris and Ijevan (nearly 140.00 AMD per sq.m). This year the most active region came to be Kotayk with 14% of the total number of transactions.

“Yerkir” real estate agency is engaged in a realtor activity in Armenia. We provide realty services, legal support, draw documents for purchase, sale, rent of housing and commercial estate.

Our company is founded in 2004 and worthy stands as one of leading players among the professional realtor companies in Yerevan. Our company’s specialists have more than 10 years experience in real estate market. High qualification of our experts guarantees the operative solution of our clients’ problems of any complexity.

Our company is one of the founders of Association of realtors of Armenia. Membership in Association trust of our clients, strengthens its authority in the real estate market. We have excellent reputation among partners and clients, and we are proud of our professionalism. We have certificates on all kinds of realty services in the territory of Armenia. Certificate (???0487) is granted by Certification Agency of broker services.

Armenian real estate agency “Yerkir” renders a full range of realty services in Yerevan real estate market and all over Armenia. Yerkir real estate agency will provide you with a fast search in constantly updated, actual base of real estate, advantageous purchase offers, sales, rent of housing and commercial estate, services of high qualified realtors, and legal support.

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by Dave-F

Real Estate Broker Price Opinion – The Importance of Hiring a Local Real Estate Appraiser to Value Your Property

Real Estate Broker Price Opinion

Many people try to determine the values of their real estate by researching websites that value a home based on aggregate data collected through various means. While these online services can be quick and seem easy, seek computer generated reports can be grossly inaccurate. More often than not, advice computer data collected from outdated and often unreliable resources can cause issues when trying to determine a fair value of real estate in any specific market. These websites may be of some value in showing valuation trends, what is ed but can in no way replace the services of a local real estate appraiser. Real Estate Broker Price Opinion

Highly trained professional real estate appraisers, while more expensive, can effectively determine a home’s true value and also take into account variables a computer generated report can’t. Desirable factors such as a highly rated school system, economic development and surrounding neighborhoods can drastically affect a home’s value positively. Areas that are run down but in the midst of a gentrification process are unlikely to get a fair appraisal from a computer model, someone untrained or out of the area. Only a local appraiser will be familiar with rising or declining valuations and building trends in specified locations.

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While obtaining a professional real estate appraiser to correctly determine a home’s value can be critical during a divorce, to value an estate, or to satisfy a lender requirement for a mortgage, choosing a reputable local appraiser that knows their market area can mean the difference between a good appraisal and a bad one. If an appraiser does not intimately know the market area they serve, many factors used to determine a home’s value can be left out of the process. Without knowledge of the current market area trends, property values given by an appraiser outside of their locale can be skewed.

As banks and other financial institutions are now dealing with untenable volumes of foreclosed homes, there is a growing trend among banks and other financial institutions to hire real estate brokers to complete BPOs (Broker Price Opinion), rather than pay appraisers for a home’s valuation. Although BPOs should be more accurate than computer generated reports in determining a property’s value, there is considerable controversy as to whether or not these real estate agents have adequate training to complete these reports effectively. Real Estate Broker Price Opinion

BPO services cost less than a uniform appraisal report; however, much like their computer generated counterparts, BPOs often omit crucial information. Many lenders do not even require an in-depth inspection or interior inspection of a home, for example. How can anyone hope for any type of realistic property valuation without an on-site inspection?

Appraisers are required to complete a stringent course of training through accredited educational facilities before they are licensed or certified. In some states, appraisers must also complete an apprenticeship under a more seasoned professional prior to being permitted to value property independently. A good appraiser will look at all aspects of the property, including square footage, room count, types of rooms, condition of property, lot size, neighborhood trends and comparable properties in the area that have sold recently, as well as comparable properties currently on the market.

Appraisals take longer than a BPO provided by a real estate broker or online computer generated reports. But, the report from appraisers is in depth and lengthy. All variables used to arrive at the valuation are in black and white.

Searching for a qualified appraiser in your area is relatively easy. Neighborhood banks and lenders are a great referral source. Searching an online directory or your local yellow pages can be another viable source as well when looking for a professional appraiser. Real Estate Broker Price Opinion

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