North Carolina Appraisal FAQ’s

Why would you get an appraisal for pre-listing?

Having your home or property appraised before listing avoids over pricing or under pricing. You don't want to sell yourself short and list it under market value. You also don’t want to over price the property; this can lead to the house sitting on the market for weeks or months. The longer the house sits, the market will perceive that there is an issue with the property. It needs to be priced appropriately - which is why you should order an appraisal.

who is the person ordering an appraisal?

For pre-listing, the homeowner or the agent will order the appraisal.

For a purchase, the buyer's lender is ordering the appraisal. If a lender is not involved, the buyer orders the appraisal.

Who orders the appraisal to settle an estate?

The executor of the will, estate heir, or the attorney representing the family are all able to order an appraisal to settle an estate.

Why do you need an appraisal to settle an estate?

The executor of the will is responsible for the division of the assets left to the heirs of an estate. Ordering an appraisal will give them an idea of the value of the home or property so they can distribute the assets fairly. There are state tax implications on estates and the appraisal will help the executor work through the tax bills and paperwork.

should you order an appraisal when you start planning your estate or wait and let the executor of your will do that?

Both. When you are planning your estate and are dividing up your assets, you should know the value of everything that will be passed down to your heirs. Part of the planning process is to understand what will be inherited and help you to determine who gets what. Many people order appraisals just out of curiosity.

can you use an old appraisal before you file for a divorce or do you need a new one?

You will need a new appraisal because markets change very quickly. A new updated appraisal is necessary to reflect the current market conditions in your area.

how can i lower my property taxes?

If you believe your property assessment is too high, you can dispute your tax assessment through an appraisal. There are no guarantees that your taxes will be lowered, but it’s solid evidence in your case.

should you get an appraisal if the North Carolina market is good? Or bad?

Whether the market is good or bad, an appraisal is key to determining the current value of a property when you are purchasing or selling a home.

Why should I order an appraisal from Smith Bryant, Inc.?

Smith Bryant, Inc. has over a decade of experience in the market. As both an appraiser and broker, Dan has interpersonal skills to work with buyers and sellers as well as having an understanding of the true valuation of a home. Appraisers just crunch numbers and don't have interaction with buyers or clients. Sometimes appraisers don't understand what the numbers mean because they don't have that feedback from the interaction with buyers and sellers. Brokers experience the human reactions that clients feel when they see a property. All of these skills combined sets Smith Bryant, Inc. apart from other Triad appraisers.

What is exactly included in an appraisal report?

Everything you can think of about the piece of real estate. An appraisal report includes every characteristic that is relevant to the site: lot size, topography of the land, structures on-site, drainage information, square footage if there is a dwelling, condition of the home, quality, current market conditions, interest rates, neighborhood comps, property or dwelling issues, how quickly houses are selling in the area, and external obsolescence All of this information supports the determined value of the property.

What is external OBSOLESCENCE?

External obsolescence is something offsite that impacts the property like traffic, pollution, nearby farms, stadium lights, smells, being located next to a dump, etc. These factors can greatly impact the value of a property as well how the owner values the property. Say for example you were moving from up state New York to Central North Carolina and you were relying on your agent to look at houses for you. You found your dream property and couldn’t believe the great price, so you made an offer. When the appraisal came back, you read in the notes that there was a hog farm right around the corner which created an above normal amount of semi-truck traffic on your street in addition to the pungent smell. You would probably be a bit upset with your realtor at that point, but this is an example of how detailed an appraisal report can be.

How can I increase the value of my home?

There are several things you can do to increase the value of your home - renovating outdated kitchens and bathrooms should be first and foremost, however bringing the rest of your home up to date is always a good ideal.

What’s the highest ROI for my property and what kind of upgrades should i do?

It depends on the area that you live in and the current market. Typically, the highest ROI in our opinion is kitchen and bath remodels and painting. Kitchen remodels can be expensive, but if you DIY, you can reap the benefits later. Painting can also go a long way, especially if you do the work yourself. Painting walls, trim, and cabinetry can bring any outdated home into the 21st century.

What’s the lowest ROI?

The lowest ROI is typically landscaping. People want the landscaping to be nice, but they won’t pay extra just for that. Curb appeal helps to sell the home, but just doesn’t reflect the ROI. Replacing mechanical work is also a low ROI - buyers expect everything to be in working order already.

How can I sell my house fast?

There are several things you can do to sell your home quickly. You can start by de-cluttering, freshening up your landscaping and curb appeal, apply fresh paint, do a deep clean to every nook and cranny, take care of minor home repairs, replace door knobs and cracked light switch plates, patch holes in the wall, and organize and stage the home. Remember to take down personal pictures that are hanging on the walls or sitting on tables and make it non-personal. The buyer needs to be able to picture themselves in the home; seeing a family photo of the current homeowners makes that difficult to do. Ultimately, you want to limit the amount of negatives a buyer would see when they are walking through the home.