Assessing the value of a property is of enormous value to everyone involved: Buyer, Seller, Realtor and Lender. Having a solid handle on the assessed value, prior to selling your house can be worth it’s weight in gold.
Real Estate Appraiser Phil Spool, who recently appraised Smathers Four Fillies Farm (in Pinecrest) on behalf of the University of Miami, and who adjusted outdated measurements on a waterfront property I recently listed for sale on motorized E-Lake (in Miami) shared his thoughts with me:
“Hiring an appraiser is the only way to learn the true gross living area of a property. Comparable sales data and the verification of that data are very important… as are the 7 Reasons for Getting a Property Appraisal“.
Spool says, “There is definite lack of uniformity in the data provided by various real estate agents, and a wide variety in the expertise of various appraisers, as well as discrepancies in MLS and TAX data. Appraised value of a property is both science and art… requiring the use of comparable lot sizes, similar structures, propery location, condition, age and amenities in order to render an accurate appraisal. It’s essential that property listings be accurately and thoroughly described in the (multiple listing service) MLS by the listing agent – with descriptive photographs. The role of the Realtor is very important.”
While a Realtor can and should prepare a “CMA” (comparative market analysis) for pricing or valuing any house he/she is listing for sale, and certainly to evaluate the pricepoint at which a buyer should consider making an offer, an appraisal done by an appraiser is more detailed.
“Details about the type of renovations made to the house are an essential part to determining value… and that value (determined by an appraiser) will be a range in which the property will likely sell (as opposed to what it should be ‘listed’ at)”.
Bio – Phil Spool is an expert court testimonial witness for residential litigation for the Division of Real Estate in the State of Florida. As a State Certified Real Estate Appraiser, Spool has been appraising in Miami-Dade County for over 35 years. A Special Magistrate Property Appraiser hearing tax assessment appeals, he teaches real estate appraisal at Miami Dade College, and is an Accredited Senior Appraiser (ASA), a designation that he holds through the American Society of Appraisers. He is also the District Director/ Vice President and Real Estate Program Chairman for the Greater Miami Chapter of the American Society of Appraisers.
Phil Spool was interviewed for this article in MiamiRealEstateCafe by Miami Realtor Vicki Restivo with Esslinger Wooten Maxwell. Restivo can be reached at 305-793-1365 (restivo.v@ewm.com).
