Commercial & Residential Appraiser in Waynesville
It doesn’t matter what type of real estate you have. Our ongoing analysis of local real estate trends and formal training as a certified general appraiser make us qualified to provide home and commercial valuations in western North Carolina for clients ranging from national mortgage companies to local lenders or individual businesses and consumers.
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ABOUT US
Southern Values can perform valuations on residential and income-producing property such as:
- Residences, from modest to luxury
- Retail business parks, shopping centers and malls
- Senior housing and long term care facilities
- Industrial complexes, light manufacturing and warehouses
- Health care facilities and clinics
- Conference and convention centers
- Restaurants: fast food or family, franchise or independent
- Multi-family apartment buildings, co-ops, and condominiums
- Office buildings with multiple or single tenants
- Hotels and hospitality facilities
- Convenience stores and gas stations
- Bed and breakfast
Services
General Value Appraisals
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Lending Appraisals
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PMI Removal Appraisals
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Commercial & Residential Appraiser
Western North Carolina’s Real Estate Valuation Experts.
No matter what type of building (or vacant land) you have, ongoing analysis of local real estate trends and hours of study as a certified general appraiser make us qualified to provide income property valuations in North Carolina for clients ranging from national lenders to local investors.
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We stand behind our work and our customers have nothing but great things to say.
Real Property Appraisals: A Primer
A home purchase can be the largest investment many people will ever consider. It doesn’t matter if a main residence, an additional vacation home or one of many rentals, purchasing real property is a complex transaction that requires multiple parties to pull it all off.
Most people are familiar with the parties taking part in the transaction. The real estate agent is the most familiar face in the exchange. Next, the mortgage company provides the money necessary to bankroll the deal. And ensuring all requirements of the exchange are completed and that the title is clear to transfer to the buyer from the seller is the title company.
So, what party is responsible for making sure the real estate is worth the purchase price? In comes the appraiser. We provide an unbiased opinion of what a buyer could expect to pay — or a seller receive — for a property, where both buyer and seller are informed parties. A licensed, certified, professional appraiser from Michael McGrew will ensure, you as an interested party, are informed.
Inspecting the subject property
To ascertain the true status of the property, it's our duty to first complete a thorough inspection. We must actually see features, such as the number of bedrooms and bathrooms, the location, living areas, etc, to ensure they truly are there and are in the condition a reasonable person would expect them to be. To ensure the stated size of the property is accurate and illustrate the layout of the house, the inspection often entails creating a sketch of the floorplan. Most importantly, the appraiser looks for any obvious amenities - or defects - that would affect the value of the house.
Arriving at a Value Conclusion
Combining information from all approaches, the appraiser is then ready to state an estimated market value for the property in question. The estimate of value on the appraisal report is not necessarily the final sales price even though it is likely the best indication of a property's valueDepending on the specific circumstances of the buyer or seller, their level of urgency or a buyer's desire for that exact property, the closing price of a home can always be driven up or down.
Analyzing Comparable Sales
Appraisers are intimately familiar with the subdivisions in which they appraise. They innately understand the value of certain features to the homeowners of that area. Then, the appraiser researches recent transactions in the neighborhood and finds properties which are 'comparable' to the subject at hand. By assigning a dollar value to certain items such as upgraded appliances, additional bathrooms, additional living area, quality of construction, lot size, we adjust the comparable properties so that they are more accurately in line with the features of subject property.
Valuation Using the Income Approach
A third way of valuing real estate is sometimes used when an area has a reasonable number of rental properties. In this scenario, the amount of revenue the real estate generates is factored in with income produced by nearby properties to give an indicator of the current value.
Cost Approach
This is where the appraiser pulls information on local building costs, the cost of labor and other elements to determine how much it would cost to replace the property being appraised. This figure often sets the upper limit on what a property would sell for. The cost approach is also the least used method.